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28 Cheap Cities for First-Time Homebuyers on a Budget: Report

 7 months ago
source link: https://www.businessinsider.com/real-estate-housing-market-cheap-home-prices-mortgage-rates-affordability-2024-2
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1. Detroit, Michigan

Downtown Detroit, Michigan. Getty Images

Median starter home price: $42,871

Median income for couples: $44,196

Maximum mortgage afforded by couples with that income: $145,498

Source: Point2

2. Toledo, Ohio

Toledo, Ohio. Mike Kline (notkalvin)/Getty Images

Median starter home price: $51,757

Median income for couples: $57,573

Maximum mortgage afforded by couples with that income: $195,103

Source: Point2

3. Cleveland, Ohio

Yuanshuai Si/Getty Images

Median starter home price: $53,524

Median income for couples: $51,524

Maximum mortgage afforded by couples with that income: $168,554

Source: Point2

4. St. Louis, Missouri

f11photo/Shutterstock

Median starter home price: $69,776

Median income for couples: $76,221

Maximum mortgage afforded by couples with that income: $267,272

Source: Point2

5. Memphis, Tennessee

Highways converge in downtown Memphis, Tennessee, as they approach the Mississippi River. John Coletti/Getty Images

Median starter home price: $72,570

Median income for couples: $59,492

Maximum mortgage afforded by couples with that income: $192,602

Source: Point2

6. Baltimore, Maryland

Baltimore, Maryland. Sean Pavone/Shutterstock

Median starter home price: $93,691

Median income for couples: $64,069

Maximum mortgage afforded by couples with that income: $210,680

Source: Point2

7. Wichita, Kansas

Sean Pavone/Shutterstock

Median starter home price: $106,173

Median income for couples: $75,957

Maximum mortgage afforded by couples with that income: $248,049

Source: Point2

8. Tulsa, Oklahoma

Tulsa, Oklahoma. Walter Bibikow/Getty Images

Median starter home price: $106,942

Median income for couples: $71,100

Maximum mortgage afforded by couples with that income: $231,500

Source: Point2

9. Milwaukee, Wisconsin

Milwaukee, Wisconsin. Walter Bibikow/Getty Images

Median starter home price: $109,468

Median income for couples: $62,548

Maximum mortgage afforded by couples with that income: $199,218

Source: Point2

10. Oklahoma City, Oklahoma

Oklahoma City, Oklahoma skyline. Sean Pavone/Shutterstock

Median starter home price: $115,500

Median income for couples: $77,103

Maximum mortgage afforded by couples with that income: $254,210

Source: Point2

11. Philadelphia, Pennsylvania

Philadelphia, Pennsylvania skyline in autumn. Olga Kaya/Getty Images

Median starter home price: $116,086

Median income for couples: $65,054

Maximum mortgage afforded by couples with that income: $229,285

Source: Point2

12. Kansas City, Missouri

Kansas City, Missouri. Mihai_Andritoiu/Shutterstock

Median starter home price: $120,656

Median income for couples: $81,085

Maximum mortgage afforded by couples with that income: $276,120

Source: Point2

13. Corpus Christi, Texas

DenisTangneyJr/Getty Images

Median starter home price: $123,810

Median income for couples: $63,642

Maximum mortgage afforded by couples with that income: $184,888

Source: Point2

14. Lubbock, Texas

DenisTangneyJr/Getty Images

Median starter home price: $126,937

Median income for couples: $76,376

Maximum mortgage afforded by couples with that income: $235,483

Source: Point2

15. Pittsburgh, Pennsylvania

Pittsburgh, Pennsylvania. Sean Pavone/Shutterstock

Median starter home price: $127,295

Median income for couples: $84,264

Maximum mortgage afforded by couples with that income: $287,449

Source: Point2

16. Indianapolis, Indiana

Indianapolis, Indiana. Sean Pavone/Shutterstock

Median starter home price: $132,293

Median income for couples: $80,265

Maximum mortgage afforded by couples with that income: $275,475

Source: Point2

17. Fort Wayne, Indiana

Fort Wayne, Indiana
Getty Images

Median starter home price: $133,747

Median income for couples: $73,742

Maximum mortgage afforded by couples with that income: $252,163

Source: Point2

18. Laredo, Texas

©fitopardo/Getty Images

Median starter home price: $137,225

Median income for couples: $43,090

Maximum mortgage afforded by couples with that income: $97,785

Source: Point2

19. Buffalo, New York

Buffalo, New York. Getty Images

Median starter home price: $141,994

Median income for couples: $58,101

Maximum mortgage afforded by couples with that income: $162,923

Source: Point2

20. New Orleans, Louisiana

French Quarter in New Orleans, Louisiana. Getty Images

Median starter home price: $143,664

Median income for couples: $67,301

Maximum mortgage afforded by couples with that income: $220,895

Source: Point2

21. Louisville, Kentucky

Downtown Louisville, Kentucky. Getty Images

Median starter home price: $144,144

Median income for couples: $78,950

Maximum mortgage afforded by couples with that income: $269,556

Source: Point2

22. Winston-Salem, North Carolina

Sean Pavone/Shutterstock

Median starter home price: $146,952

Median income for couples: $70,202

Maximum mortgage afforded by couples with that income: $231,090

Source: Point2

23. Cincinnati, Ohio

The skyline of Cincinnati, Ohio. Getty Images

Median starter home price: $148,505

Median income for couples: $76,841

Maximum mortgage afforded by couples with that income: $249,517

Source: Point2

24. Columbus, Ohio

Columbus, Ohio. Agnieszka Gaul/Shutterstock

Median starter home price: $152,097

Median income for couples: $76,526

Maximum mortgage afforded by couples with that income: $246,096

Source: Point2

25. Greensboro, North Carolina

Shutterstock/Sean Pavone

Median starter home price: $154,290

Median income for couples: $76,355

Maximum mortgage afforded by couples with that income: $253,292

Source: Point2

26. El Paso, Texas

Sean Pavone/Getty Images

Median starter home price: $161,657

Median income for couples: $56,095

Maximum mortgage afforded by couples with that income: $136,966

Source: Point2

27. Chicago, Illinois

Chicago, Illinois Getty Images

Median starter home price: $162,091

Median income for couples: $81,952

Maximum mortgage afforded by couples with that income: $250,556

Source: Point2

28. San Antonio, Texas

The San Antonio river walk. Adam Jones/Getty Images

Median starter home price: $167,563

Median income for couples: $66,412

Maximum mortgage afforded by couples with that income: $182,285

Source: Point2


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