Affordability is a matter of great importance in the U.S. housing market these months. As the median home price registered a record increase, exceeding $300,000. Buying a home in major U.S. cities seems to be unaffordable for the majority of middle-class Americans. But there are housing markets where affordable housing inventory is available for middle-class Americans, as Lending Tree, an online lending marketplace, examined housing markets offering economical median priced homes—that median income earners can afford.
However, California is the exception in this regard where most of the middle class is confronting affordability challenges. Particularly Los Angeles, San Francisco, and San Jose are the cities where median income earners cannot afford reasonable houses.
Following are the housing markets, having economically priced homes, for middle-class American citizens:
$166,500 is the median home price in Houston, while $62,922 is the average middle-class earning in the city.
Although a middle-middle-class American family can manage to pay about $1,468 per month for a home in Houston, yet Lending Tree researchers discovered that they just need to spend about $683 per month in this Texas city. Houston is also considered as one of the most affordable housing markets for lower-middle-class families.
Dallas, another Texas city, is ranked 2nd on the researchers’ list to offer affordable homes. The commonplace middle-middle class Dallas’ family gets about $63,870 earning. Whereas the median home price in this housing market place is $174,500, which conveys that Dallas’ average middle-class people have $775 remaining, after monthly payments of about $716, that they can manage to spend on a home.
$230,700 is the median home price in Minneapolis, that is a bit higher than that of other cities mentioned, and the average middle-class family also has a higher median income of $73,735. Which confirms out that the average middle-class family can arrange home payments of $1,720 per month and can afford to spend the rest of the money about $946 on a home.
Moreover, Lending Tree researchers affirmed that for lower-middle-class families, the best affordable housing markets are Houston, Pittsburgh, and Buffalo, New York. Whereas for upper-middle-class families, there are Washington, D.C., Minneapolis and Hartford, Connecticut.