Want To Become a Homeowner? These 6 Major Cities Still Have Affordable Homes

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.

• Average home value: $190,081
• Average income: $84,800
• House price-to-income ratio: 2.2

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• Average home value: $186,535
• Average income: $78,600
• House price-to-income ratio: 2.4

Find Out: 20 Home Renovations That Will Hurt Your Home’s Value

• Average home value: $179,582
• Average income: $73,200
• House price-to-income ratio: 2.5

Learn More: 20 Insider Tips To Save Money on Every Part of Your Home

• Average home value: $208,661
• Average income: $84,900
• House price-to-income ratio: 2.5

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• Average home value: $197,416
• Average income: $78,000
• House price-to-income ratio: 2.5

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• Average home value: $221,436
• Average income: $85,400
• House price-to-income ratio: 2.6

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