A new infographic shows how much buying a home costs in major U.S. cities. Five stand out for their affordability and livability.
HowMuch.net's study assumes a 20 percent down payment and spending 28 percent of income on housing. The five cities with the best bang for the buck require a $50,000 annual salary to be able to afford a home, and are mostly Rust Belt cities: Pittsburgh, Cincinnati, Buffalo, N.Y., St. Louis, and Memphis, Tenn., Livability.com reports.
Forget $50,000; to purchase a house in Pittsburgh, PA, you need an annual salary of $38,253 a year. Pittsburgh may not traditionally be seen as a “hip” city, but we beg to differ. The Steel City is also a smart city, with a burgeoning tech scene and more than 30 colleges and universities, including the University of Pittsburgh and the prestigious Carnegie Mellon University.
Advertisement
Related Stories
Affordability
How Much Income Do First-Time Buyers Need to Afford the Average Home?
The median-priced home is unaffordable in 44 of the 50 largest U.S. metro areas
Affordability
What Is the Relationship Between Urban vs. Suburban Development and Affordability?
A new paper from Harvard's Joint Center looks at whether expanding the supply of suburban housing could, in turn, help make dense urban areas more affordable
Market Data + Trends
10 States Where Home Insurance Rates Have Risen the Most
Responding to the increasing number of natural disasters, insurers are hiking prices, with some states bearing the brunt more than others
