Only six major U.S. cities have median home prices that a household making the local median income could afford.
An April report from Clever Real Estate compared the income needed to afford a home in major U.S. cities to the actual income earned by the typical household.
The report considered a home affordable to a particular buyer if it fulfilled the popular 28/36 rule, which advises buyers to spend a maximum of 28% of their monthly income on housing, plus an extra 8% paying other debt like credit card or auto bills.
Even with a 20% down payment, the standard homebuyer making median local pay would not be able to afford a home listed at a middle-of-the-market price in 44 out of 50 major cities.
Home mortgage rates are also high right now, which could prevent sellers from listing homes and buyers from purchasing them.
Related: The ‘Silver Tsunami’ Meets ‘Golden Handcuffs’ as Past Low Mortgage Rates Lock in Homeowners — Whether They Like It or Not
Here are the six cities with homes that median earners can afford.
1. Pittsburgh, Pennsylvania
Pittsburg, Pennsylvania. Credit: Getty Images
Actual Income: $70,607
Income Needed To Afford The Median Home: $59,919
Local Median Home Sale Price: $199,573
2. Cleveland, Ohio
Actual Income: $65,198
Income Needed To Afford The Median Home: $56,378
Local Median Home Sale Price: $182,652
3. St. Louis, Missouri
St. Louis, Missouri. Credit: Getty Images
Actual Income: $74,531
Income Needed To Afford The Median Home: $66,743
Local Median Home Sale Price: $225,674
4. Memphis, Tennessee
Actual Income: $64,008
Income Needed To Afford The Median Home: $61,659
Local Median Home Sale Price: $213,929
5. Indianapolis, Indiana
Actual Income: $75,824
Income Needed To Afford The Median Home: $73,398
Local Median Home Sale Price: $257,584
6. Birmingham, Alabama
Birmingham, Alabama. Credit: Getty Images
Actual Income: $67,242
Income Needed To Afford The Median Home: $65,216
Local Median Home Sale Price: $235,212