Most Affordable Markets in the US- and Why

When looking at pure statistics, less than half of the homes sold in the US are affordable for the average middle-class household. According to a recent National Association of Home Buyers Opportunity Index, only 48.7% of homes sold in the U.S. could be considered within financial reach for most middle-class families. What’s worse is that this study was conducted in the first quarter of 2022; home prices and interest rates have only jumped since then. 

With half of the country priced out of most housing markets, buyers are left wondering what to do. Every time that interest rates rise just a fourth of a percentage point, over one million buyers can no longer afford to own a home. People still WANT to buy homes, though… 

So where do they go?

According to the affordability index, there are still spots all around the country where homes are below the national median list price. Here are some of the top large cities for middle-class home buying and their average list price (meaning they have more than half a million residents).  

Lansing, MI: 92.3% of middle-class residents can afford the $190,000 price tag
Indianapolis, IN: $300,000
Scranton, PA: $215,000
Rochester, NY: $200,000
Dayton, OH: $215,000

And the most affordable markets for smaller cities are:

Wheeling, WV: 97.3% of middle-class residents can afford the $155,000 price tag
Cumberland, MD: $120,000
Elmira, NY: $100,000
Utica, NY: $185,000
Davenport, IA: $142,000

To read about the least affordable markets, visit Realtor.com.