Homeownership has become increasingly unaffordable. Since 1965, average home values have boomed from $171,942 to $374,900 — a 118% increase. However, the median household income has increased just 15%, from $59,920 to $69,178 in 2021-inflation-adjusted dollars, according to research conducted by Clever. The average house price-to-income ratio is now 5.4, meaning that homes cost 5.4 times what the average person earns in a year — more than double the recommended ratio of 2.6.
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Fortunately, there are still a handful of major cities where the house price-to-income ratio is lower than or equal to the maximum recommended ratio of 2.6. Here’s a look at the six cities that still have affordable homes.
