SELECT LANGUAGE BELOW

People in these cities are noticing an increase in affordable homes available for purchase.

People in these cities are noticing an increase in affordable homes available for purchase.


Finding a reasonably priced home in the U.S. can be tough, regardless of your location. However, a new study from Zillow reveals that some larger markets are showing signs of more affordable options.

The term “affordable” is a bit relative. For instance, national mortgage payments have skyrocketed, more than doubling in the past five years. Yet, it appears there are more homes now within reach for those earning the median income in the U.S.

This trend is particularly evident in many cities east of the Mississippi River, where, in several major areas, over half of the available homes are deemed affordable for typical income households.

Buffalo, New York tops the list, with around 55% of homes being classified as affordable. St. Louis follows closely at 54.5%, according to Zillow.

Here’s a rundown of the top 10 cities where more affordable homes are becoming available:

Rank City Percentage of homes considered affordable for median income residents
1. Buffalo, New York 55.1%
2. St. Louis 54.5%
3. Pittsburgh 54.3%
4. Detroit 52.8%
5. Cleveland 50.1%
6. Indianapolis 48.5%
7. Baltimore 48.1%
8. Cincinnati 46.1%
9. Birmingham 45.1%
10. Minneapolis 43.2%

In contrast, folks in the western U.S., especially in California, are struggling to find affordable homes.

Zillow reports that merely 3% of homes in the Los Angeles area fit the criteria for median-income earners. San Diego isn’t far behind, with just 6.4%.

While eastern parts of the country have managed to unearth more affordable options, the New England area seems to be facing its own set of challenges.

In Providence, Rhode Island, only 9.1% of homes are affordable for middle-income residents, while Boston is close at 11.9%.

This leaves many residents feeling quite frustrated in their search for affordable housing in the U.S.

Rank City Percentage of homes affordable to median income residents
1. Los Angeles 3%
2. San Diego 6.4%
3. Providence, RI 9.1%
4. Sacramento, California 11.3%
5. San Jose, California 11.4%
6. Boston 11.9%
7. New York 12.5%
8. Riverside, California 13.2%
9. San Francisco 13.6%
10. Seattle 15.5%
Facebook
Twitter
LinkedIn
Reddit
Telegram
WhatsApp

Related News