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A Lone Star Lead in Affordability

A new study by LendingTree concluded that Houston, Texas, was the most affordable U.S. housing market for the majority of middle-class families. LendingTree found Houston to be affordable for both lower-middle-class and middle-middle class families, with a median home price of $166,500.

For the study, LendingTree considered lower-middle-class and middle-middle class families have an average annual income between $41,000 and $63,000. According to the Pew Research Center, a family is to be considered part of the middle class if their household earns between two-thirds to double the national median income.

Additional affordable markets spotlighted by LendingTree’s study include Pittsburgh, with a median home price of $142,100, and Buffalo, New York, with a median home price of $135,000.

Buffalo, according to the report, has the nation’s lowest average home price at $135,000. The average salary for a lower-middle class family in Buffalo is $35,689, $53,534 for middle-middle class and $107,068 for upper-middle class.

Another Lone Star State market, Dallas, joined Houston among the most affordable for middle-middle class families, with its average home price coming in at $174,500. Minneapolis was also deemed affordable with its $230,700 average home price.

The report added that markets most affordable for upper-middle-class families included Minneapolis, Washington D.C. (with an average home price of $397,900), and Hartford, Connecticut (with an average home price of $244,300).

San Jose, California, was reported to have the nation’s highest average home price at $815,000. San Jose, however, also has the highest average salaries for all three classifications: $70,539 (lower-middle-class), $105,809 (middle-middle-class), and $211,618 (upper-middle-class).

LendingTree also reported that lower-middle-class families can afford a median-priced home in 34 of the nation’s largest metros.

“Furthermore, even if they can’t afford a media priced home, there are still many housing options available for lower-middle-class families in most of the nation's largest metros,” the report concludes.

About Author: Mike Albanese

A graduate of the University of Alabama, Mike Albanese has worked for news publications since 2011 in Texas and Colorado. He has built a portfolio of more than 1,000 articles, covering city government, police and crime, business, sports, and is experienced in crafting engaging features and enterprise pieces. He spent time as the sports editor for the "Pilot Point Post-Signal," and has covered the DFW Metroplex for several years. He has also assisted with sports coverage and editing duties with the "Dallas Morning News" and "Denton Record-Chronicle" over the past several years.

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