In These 15 Metro Areas, You Can Afford a Home on a $50,000 Income. Not in the Bay Area….but it’s fun to dream! ;-)
In These 15 Metro Areas, You Can Afford a Home on a $50,000 Income
Across the country, the homeownership rate has sunk to a level not seen since the 1960s. For many, especially millennials and other age groups, too, the biggest obstacle to buying a home is a perceived lack of affordability. In 2013, Fannie Mae found that 58% of renters earning from $25,000 to $50,000 thought getting a mortgage would be “difficult.”
While home prices have increased in recent years, many metropolitan areas still have a supply of housing that’s affordable for most Americans. Current renters may be surprised to learn that homeownership is a goal within reach, even for those making $50,000, which is below the national median household income of about $59,000 for 25- to 44-year-olds, according to data from the U.S. Census Bureau.
Home affordability calculator
Using NerdWallet’s home affordability calculator, we examined 15 metropolitan areas across the U.S. where the suggested home price for a household making $50,000 is equal to or higher than the median home price.
How Much House Can You Afford? Use Our Calculator to Find Out
Below, in alphabetical order, the list shows 15 metro areas where you could afford a home with a $50,000 income. Each metro area also includes the suggested home price and a picture of a local listing at Zillow.com.
This article originally appeared on NerdWallet
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