Home >> Daily Dose >> Top 10 Cities for Middle-Class Homebuyers
Print This Post Print This Post

Top 10 Cities for Middle-Class Homebuyers

Housing prices keep going up, faster than inflation and faster than wage growth. Combined with creeping mortgage rates, it's all left first-time buyers and middle-class earners in a tough spot when it comes to buying a good home.

However, a new study by Realtor.com finds 10 metro markets where a $60,000 annual income can afford more than half the homes on the market.

While homes in California won't be found on the list, you will, however, find Pittsburgh, which tops the list in terms of affordability. The city's median list price is $179,100, which makes 64 percent of the homes for sale there affordable to the $60,000 earner.

“Despite all the changes, home prices have stayed low here,” the report stated. “Many houses built in the early 20th century during the city's heyday were neglected during the city's years of population loss. But now, these places are getting investor attention.”

Young buyers, in particular, are flocking to Pittsburgh to “snag and remodel homes priced under $125,000,” the report stated.

Close behind is Western New York, where more than 60 percent of homes listed in Buffalo and Rochester are affordable to the middle class. Rochester's median list price is $177,500, while Buffalo's is $185,000, according to the report.

Like Pittsburgh, Buffalo and Rochester suffered the ills of manufacturing decline that led to a glut of houses left unattended after a high outflow of residents. But a resurgence in the downtowns has brought investors back, the report found.

In fact, the remaining six markets where a $60,000 annual income can afford at least half the homes on the market are heavy in cities that saw manufacturing dry up or which are making a comeback after years in trouble.

According to the report, more than 60 percent of homes listed are available to the average middle-class buyer in St. Louis and Cleveland. And more than 50 percent fit the criteria in Birmingham, Memphis, and Oklahoma City. Cincinnati and Detroit round up this list of cities.

About Author: Scott_Morgan

Scott Morgan is a multi-award-winning journalist and editor based out of Texas. During his 11 years as a newspaper journalist, he wrote more than 4,000 published pieces. He's been recognized for his work since 2001, and his creative writing continues to win acclaim from readers and fellow writers alike. He is also a creative writing teacher and the author of several books, from short fiction to written works about writing.

Check Also

Mortgage Rates Climb to 23-Year High Point

Freddie Mac reports that mortgage rates reached levels last seen in December 2000, as the 30-year fixed-rate mortgage rose 12 basis points week-over-week and low supply continues to create affordability challenges for prospective buyers.