- theMReport.com - https://themreport.com -

A Lone Star Lead in Affordability

A new study by LendingTree [1] 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 [2], 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.