Just before the pandemic, the average home price in the U.S. was $313,000 – a figure that has since jumped by 40% to $436,800 today. As home prices and mortgage rates increase, home ownership is becoming an unrealistic dream for some.
However, as Visual Capitalist’s Avery Koop’s shows in the chart below, buying a house in some cities is a much more attainable goal.
By looking at factors like the real estate tax rate, median home price appreciation, and cost of living, this study from WalletHub assesses the most affordable cities in the U.S. for home buyers. The scores in the ranking are out of 100 and the higher a score, the more affordable that city is for home buyers.
The Methodology
This ranking considers much more than just the price tag on a house when it comes to affordability. Using 10 metrics, which cover an array of important considerations for home buyers, the overall affordability score is measured for each city.
Here’s a closer look at the 10 categories and how each one was weighted and measured:
The highest-weighted metric is the median price of the home itself divided by the median household income in that area, or house affordability.
Other important metrics assessed include the availability of homes for sale, the average cost of homeowner’s insurance, maintenance costs, and many other vital things people must consider when purchasing a home.
Which U.S. Cities are the Most Affordable for Home Buyers?
Here’s a closer look at the 50 most affordable cities for home buyers in the U.S.:
| Rank | City | Score |
|---|---|---|
| T1 | Montgomery, AL | 71.4 |
| T1 | Flint, MI | 71.4 |
| 3 | Toledo, OH | 71.0 |
| 4 | Detroit, MI | 70.9 |
| 5 | Akron, OH | 70.3 |
| 6 | Warren, MI | 70.2 |
| 7 | Pittsburgh, PA | 70.1 |
| 8 | Yuma, AZ | 69.5 |
| T9 | Springfield, Il | 69.1 |
| T9 | Palm Bay, FL | 69.1 |
| 11 | Augusta, GA | 68.9 |
| 12 | Surpise, AZ | 68.7 |
| 13 | Grand Rapids, MI | 68.5 |
| 14 | Davenport, IA | 68.3 |
| T15 | Buffalo, NY | 68.2 |
| T15 | Cedar Rapids, IA | 68.2 |
| 17 | Columbus, OH | 68.1 |
| 18 | North Las Vegas, NV | 67.9 |
| T19 | Fayetteville, NC | 67.8 |
| T19 | Des Moines, IA | 67.8 |
| 21 | Peoria, IL | 67.4 |
| T22 | Cleveland, OH | 67.2 |
| T22 | Las Vegas, NV | 67.2 |
| 24 | Livonia, MI | 67.0 |
| T25 | Dayton, OH | 66.9 |
| T25 | Erie, PA | 66.9 |
| 27 | Dearborn, MI | 66.5 |
| 28 | Columbus, GA | 66.4 |
| 29 | Lakeland, FL | 66.2 |
| 30 | Rockford, IL | 66.1 |
| 31 | Memphis, TN | 65.9 |
| 32 | Henderson, NV | 65.6 |
| T33 | Birmingham, AL | 65.5 |
| T33 | Louisville, KY | 65.5 |
| T33 | Fort Smith, AR | 65.5 |
| T33 | Gilbert, AZ | 65.5 |
| 37 | Peoria, AZ | 65.3 |
| 38 | Mesa, AZ | 65.2 |
| 39 | Chesapeake, VA | 65.0 |
| 40 | Green Bay, WI | 64.9 |
| 41 | High Point, NC | 64.5 |
| 42 | Baltimore, MD | 64.4 |
| 43 | Cape Coral, FL | 64.3 |
| 44 | Fort Wayne, IN | 64.1 |
| T45 | Indianapolis, IN | 63.9 |
| T45 | Joliet, IL | 63.9 |
| T45 | Tuscaloosa, AL | 63.9 |
| 48 | Philadelphia, PA | 63.8 |
| 49 | Lansing, MI | 63.7 |
| 50 | Chandler, AZ | 63.5 |
When it comes to the individual metrics, here’s a look at some cities which had the best scores in a few of the unique categories:
- #1 in Housing Affordability: Springfield, IL
- #1 in Maintenance Affordability: Sunnyvale, CA
- #1 in Rent-to-Price Ratio: Flint, MI
- #1 in Vacancy Rate: Miami Beach, FL