Housing Crisis? 10 Easiest Cities for the Middle Class To Buy a Home
Written by
John Schmoll
Edited by
Chris Cluff
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Owning a home is a central tenet of the American Dream. Unfortunately, the rise in prices has many Americans feeling like buying a house is out of reach. Home prices have increased by 60% over the past decade, taking inflation into account, according to the New York Times. Worse yet, the Times says one-quarter of renters spend over half of their income on housing.
Combined, it can make homeownership seem impossible for many middle-class Americans. A recent study by Badeloft USA revealed that it’s not as dire as some may think. The study looked at average house prices, net monthly salary, basic living costs (including housing and utilities), and disposable income to identify the ten easiest cities for middle-class Americans to buy a house.
Detroit
- Average house price: $74,000
- Monthly average net salary: $3,527.24
- Cost of living: $1,115.40
- Disposable income: $2,411.84
- Years to collect the house price: 2.60
With a diverse array of culture and revitalization efforts, Detroit is worth considering for Americans wanting fewer financial hurdles to home buying.
El Paso, Texas
- Average house price: $223,000
- Monthly average net salary: $4763.94
- Cost of living: $1,232.03
- Disposable income: $3,531.91
- Years to collect the house price: 5.30
Homebuyers can enjoy Texas without being in a large city and benefit from homeownership.
Indianapolis
- Average house price: $222,000
- Monthly average net salary: $4,523.33
- Cost of living: $1,114.20
- Disposable income: $3,409.13
- Years to collect the house price: 5.40
With a plethora of sports and culture, homeowners can enjoy the Midwest feel without spending too much.
Oklahoma City
- Average house price: $196,9000
- Monthly average net salary: $3,766.01
- Cost of living: $1,187.70
- Disposable income: $2,578.31
- Years to collect the house price: 6.40
Like Indianapolis, Oklahoma City has a wealth of attractions minus a costly price tag.
Philadelphia
- Average house price: $218,800
- Monthly average net salary: $4,069.41
- Cost of living: $1,347.10
- Disposable income: $2,722.31
- Years to collect the house price: 6.70
Steeped in history and museums, Philadelphia is a good choice for Americans wanting culture and big sports teams.
Chicago
- Average house price: $295,7000
- Monthly average net salary: $4,955.97
- Cost of living: $1,281.70
- Disposable income: $3,674.27
- Years to collect the house price: 6.71
Chicago has a distinct feel with options for most walks of life for less than larger cities like New York or Los Angeles.
San Antonio
- Average house price: $251,000
- Monthly average net salary: $4,112.92
- Cost of living: $1,035.80
- Disposable income: $3,077.12
- Years to collect the house price: 6.80
Pleasant weather and notable attractions make San Antonio a desirable place to live for homebuyers on a budget.
Dallas
- Average house price: $305,600
- Monthly average net salary: $4,912.26
- Cost of living: $1,190.70
- Disposable income: $3,721.56
- Years to collect the house price: 6.84
Dallas boasts world-class sports teams, fun cultural attractions, and mouthwatering food that will delight many homeowners.
Houston
- Average house price: $264,800
- Monthly average net salary: $4,305.44
- Cost of living: $1,117.10
- Disposable income: $3,188.34
- Years to collect the house price: 6.90
Do you want to live in the big city? Houston boasts numerous major industries and plenty of opportunities for new homeowners.
Louisville, Kentucky
- Average house price: $240,500
- Monthly average net salary: $3,932.58
- Cost of living: $1,075.30
- Disposable income: $2,857.28
- Years to collect the house price: 7.0
Abundant cultural events and a desirable location make Louisville worth considering for Americans in search of affordable housing options.
Identifying a location that increases the opportunity for housing affordability is essential to making the dream of homeownership a reality. “For buyers looking to build wealth, the sweet spot lies in markets where they can achieve ownership quickly while maintaining healthy monthly savings. The data points to several cities where this balance creates realistic paths to ownership without sacrificing quality of life,” said a spokesperson from Badeloft USA. With planning and some ingenuity, homeownership is still achievable.
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