Saturday, May 25, 2024

Did OpenAI steal Scarlett...

Opinions expressed by Entrepreneur contributors are their own....

Help Your Business Excel...

Disclosure: Our...

Why Are New Business...

More people are starting businesses now...

Emory University Funds, Suspends...

Eightball was meant to be an...
HomePassive IncomeThese 6 Major...

These 6 Major U.S. Cities Still Have Affordable Homes


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

Continue reading

Figure Markets, Pantera Snap Up Final Pieces of FTX’s Solana (SOL) Stash: Report

Bankrupt cryptocurrency exchange FTX has finished selling $2.6 billion worth of discounted Solana tokens. Figure Markets and Pantera Capital were among the buyers who secured the final troves of SOL tokens from FTX after weeks of auctions. The...

The Top SERP Features in 2024 — Whiteboard Friday

So, some of these stories become more interesting when, instead of presence, we look at share of voice. So, share of voice is a metric we have in...

How nonpartisan data organization USAFacts empowers Americans with just the facts

Elections are scheduled across 64 countries this year, including in the U.S. in what’s bound to be a presidential rematch between President Joe Biden and former President Donald Trump. As nearly half of the world’s population exercises or prepares...