The affordability crunch
Escalating property values and overall costs of living have made buying a home harder than it should be.
This can especially feel true for potential first-time borrowers. However, each housing market is unique (plus every state offers home buying assistance programs). A report from Clever Real Estate ranked the top 100 cities in the U.S. by affordability.
Discover which metro areas are the most and least expensive in the country for house hunters.
Check your home buying options. Start hereOases in the affordability desert
Finding an inexpensive place to live nowadays can be a difficult task. In addition to the last few years of growth, housing values usually ebb and flow by location and season — with fall and winter typically offering the best home buying conditions.
Unfortunately, affordability has been a road block for many house hunters. (And while homeownership is a great way to build wealth, you’ll want to stick to a budget and avoid becoming “house poor.”) But some metro areas provide more accessible paths to purchasing property.
The typical home in the U.S. values at $362,481 or 4.8 times the median household income, according to a report by Clever Real Estate. The data revealed that Toledo, Ohio, is the most affordable city for home buyers among the country’s 100 largest housing markets. Wichita, Kan., Little Rock, Ark., Akron, Ohio, and Pittsburgh rounded out the top five.
Toledo and Pittsburgh provide the smallest home buying affordability ratio of 3.1. McAllen, Texas (ranked #18) has the lowest home value of $185,120, and Jackson, Miss. (#10), has the lowest estimated monthly mortgage payment at $1,259.
Overall, the Midwest and South offer borrowers the most economical homeownership opportunities. Below are the top 20 most affordable housing markets in 2024, according to Clever:
| Rank | City | Typical Home Value* | Home Buying Affordability Ratio** | Monthly House Payment*** | Property Tax Rate**** |
| 1 | Toledo, OH | $190,669 | 3.1 | $1,286 | 1.59% |
| 2 | Wichita, KS | $218,458 | 3.3 | $1,595 | 1.34% |
| 3 | Little Rock, AR | $222,138 | 3.6 | $1,416 | 0.64% |
| 4 | Akron, OH | $223,354 | 3.4 | $1,506 | 1.59% |
| 5 | Pittsburgh, PA | $216,842 | 3.1 | $1,437 | 1.49% |
| 6 | St. Louis, MO | $255,196 | 3.4 | $1,652 | 1.01% |
| 7 | Scranton, PA | $211,845 | 3.5 | $1,404 | 1.49% |
| 8 | Des Moines, IA | $285,680 | 3.6 | $1,971 | 1.52% |
| 9 | Oklahoma City, OK | $237,118 | 3.6 | $1,693 | 0.89% |
| 10 | Jackson, MS | $196,887 | 3.4 | $1,259 | 0.67% |
| 11 | Baton Rouge, LA | $240,418 | 3.7 | $1,614 | 0.56% |
| 12 | Birmingham, AL | $255,417 | 3.8 | $1,570 | 0.40% |
| 13 | Augusta, GA | $235,671 | 3.6 | $1,500 | 0.92% |
| 14 | Louisville, KY | $260,835 | 3.8 | $1,730 | 0.83% |
| 15 | Cleveland, OH | $233,535 | 3.6 | $1,575 | 1.59% |
| 16 | Harrisburg, PA | $286,578 | 3.9 | $1,899 | 1.49% |
| 17 | Tulsa, OK | $238,126 | 3.8 | $1,700 | 0.89% |
| 18 | McAllen, TX | $185,120 | 3.8 | $1,395 | 1.68% |
| 19 | Detroit, MI | $256,071 | 3.6 | $1,719 | 1.38% |
| 20 | Omaha, NE | $293,908 | 3.7 | $2,346 | 1.63% |
| National Average | $362,481 | 4.8 | $2,373 | 1.04% |
**Determined by dividing the typical home price by median household income.
***Payment factors in principal and interest on a 30-year mortgage at a 6.49% interest rate with a 20% down payment, as well as typical property taxes and insurance for the market.
****Statewide average effective rate.
The most expensive places to buy a home
On the flip side of the coin, other cities can be exorbitantly expensive. Most of these places won’t come as a surprise to see, as many of the country’s big, coastal locales notoriously being among the costliest.
The table below shows the 20 least affordable U.S. housing markets in 2024:
| Rank | City | Typical Home Value* | Home Buying Affordability Ratio** | Monthly House Payment*** | Property Tax Rate**** |
| 100 | San Diego, CA | $952,865 | 9.6 | $5,794 | 0.75% |
| 99 | Los Angeles, CA | $959,639 | 10.9 | $5,835 | 0.75% |
| 98 | New York, NY | $672,129 | 7.3 | $4,503 | 1.40% |
| 97 | Oxnard, CA | $876,592 | 8.5 | $5,330 | 0.75% |
| 96 | Boston, MA | $705,496 | 6.8 | $4,553 | 1.14% |
| 95 | Miami, FL | $492,318 | 7 | $3,617 | 0.91% |
| 94 | Riverside, CA | $586,780 | 7.1 | $3,568 | 0.75% |
| 93 | Bridgeport, CT | $630,873 | 6 | $4,426 | 1.79% |
| 92 | San Francisco, CA | $1,174,836 | 9.2 | $7,144 | 0.75% |
| 91 | San Jose, CA | $1,586,998 | 10.7 | $9,650 | 0.75% |
| 90 | Honolulu, HI | $870,792 | 9 | $4,919 | 0.32% |
| 89 | Providence, RI | $490,045 | 6 | $3,328 | 1.40% |
| 88 | North Port, FL | $449,055 | 5.9 | $3,299 | 0.91% |
| 87 | Sacramento, CA | $587,125 | 6.6 | $3,570 | 0.75% |
| 86 | Stockton, CA | $543,505 | 6.3 | $3,305 | 0.75% |
| 85 | Seattle, WA | $746,560 | 7 | $4,597 | 0.87% |
| 84 | Worcester, MA | $461,007 | 5.5 | $2,975 | 1.14% |
| 83 | Orlando, FL | $400,221 | 5.6 | $2,940 | 0.91% |
| 82 | Cape Coral, FL | $391,020 | 5.5 | $2,872 | 0.91% |
| 81 | Tampa, FL | $382,195 | 5.5 | $2,808 | 0.91% |
Advice for home buyers
While home buying affordability is a challenge in many places, borrowers have guidelines they can follow and financial assistance to potentially qualify for. Luckily, some housing markets also offer a lower financial barrier to entry.
If you’re ready to begin your road to homeownership, reach out to a local mortgage lender today and get started.
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