People Tend to Share the False Notion That They Have to Make a Substantial Amount of Money to be a Homeowner

The American dream of owning a home is alive and well, but many people believe it is out of reach for them because they think they need a substantial amount of money to make it happen. Nothing could be further from the truth. Numerous affordable cities in the United States offer a path to homeownership, without compromising the quality of life. This article outlines 20 of these cities and the minimum income necessary to buy a home in each city.

1. Pittsburgh

The City of Bridges is an affordable option for young homebuyers who are looking to be part of the growing trend of millennials relocating to northeastern cities. With a median home price of $135,000, a monthly mortgage payment of $740 is necessary, requiring a salary of only $31,716.

2. Cleveland

Cleveland may be known for being a rock and roll capital, but it is also an affordable option for aspiring homeowners. The city’s median home price is $121,200, and a monthly mortgage payment of $746 requires a salary of $32,010.

3. St. Louis

Famous for its Gateway Arch, St. Louis is Missouri’s tallest accessible building and a symbol of the city. The median home price is $138,400, and a monthly mortgage payment of $777 requires a salary of $33,323.

4. Cincinnati

Cincinnati is historically regarded as America’s first major city post-revolution and is popularly referred to as “The Chili Capital of the World.” The city’s median home price is $138,100, and a monthly mortgage payment of $781 requires a salary of $33,485.

5. Detroit

Detroit is often associated with gloom and doom, but the city is undergoing a significant transformation. It is one of the few big cities where you can purchase a house for under $100,000. With a median home price of $135,800, a monthly mortgage payment of $828 requires a salary of $35,521.

6. Atlanta

Atlanta has everything you could ask for from a world-class city, with a rich cultural history, thriving job market, and global business connections. A median home price of $157,000 and a monthly mortgage payment of $835 requires a salary of $35,800.

7. Tampa

Ranked as the fifth most popular city to live by a Pew Research study, Tampa connects smaller regions in Florida to the global economy. A median home price of $160,000 and a monthly mortgage payment of $880 requires a salary of $37,732.

8. Phoenix

One of the most diverse cities in America, Phoenix, is a melting pot of global cuisines. With a median home price of $200,300, a monthly mortgage payment of $948 requires a salary of $40,658.

9. Orlando

Orlando is often referred to as the Theme Park Capital of the World, drawing millions of tourists annually. The city’s median home price is $180,000, and a monthly mortgage payment of $983 requires a salary of $42,143.

10. San Antonio

San Antonio is famous for being one of the fastest-growing cities in the nation within the past five years. With a median home price of $185,500 and a monthly mortgage payment of $1,058, the necessary salary is $45,374.

11. Dallas

Dallas is in the top 10 fastest-growing cities in America, and the 14th largest GDP in the world. The city boasts a thriving business community and one of the largest LGBT populations in the country. With a median home price of $189,600, a monthly mortgage payment of $1,138 requires a salary of $48,786.

12. Houston

Houston is the largest city in the southern United States and regarded as the most diverse in the nation. It has featured on several Forbes lists for shopping, buying homes, and college graduates. The median home price is $199,300, and a monthly mortgage payment of $1,166 requires a minimum salary of $49,983.

13. Philadelphia

Philadelphia has the most public art, sculptures, and murals of any American city. It is also renowned for the cheesesteak and hoagie. With a median home price of $213,300, a monthly mortgage payment of $1,187 requires a salary of $50,914.

14. Baltimore

A city with a rich historic background, Baltimore, was the hometown of several famous writers, including Edgar Allan Poe, and Frederick Douglass. The city has registered 280 properties in the National Register of Historic Places. With a median home price of $233,200, the minimum salary required to purchase a home is $52,661.

15. Chicago

Chicago, the Windy City, is a global convention destination with the massive McCormick Place as the largest convention center nationally and the third largest worldwide. With a median home price of $195,100 and a monthly mortgage payment of $1,268, the required salary is $54,346.

16. Miami

Miami is a tropical paradise with beaches and receives an influx of tourists globally throughout the year. It is the second-largest city with a Spanish-speaking majority and sometimes referred to as the “Capital of Latin America.” The median home price is $265,000, and a monthly mortgage payment of $1,363 requires a salary of $58,431.

17. Portland

Portland is home to the highest number of microbreweries globally and has several green spaces, which make it ideal for outdoor recreation opportunities. The city’s median home price is $288,900 and requires a monthly mortgage payment of $1,414, which translates to a required minimum salary of $60,603.

18. Denver

Also referred to as the Mile-High city, Denver is located a mile above sea level and is a preferred destination to live and work, according to Forbes Magazine. The median home price is $314,800, and a monthly mortgage payment of $1,438 requires a salary of $61,642.

19. Seattle

Seattle is located in the Pacific Northwest, has a high concentration of coffee shops, and is the only city that has passed a law to raise the minimum wage to $15/hour, promising a fair wage for its residents. The median home price is $352,000, and a monthly mortgage payment of $1,699 requires a salary of $72,844.

20. Boston

Boston is one of the oldest cities in America and a historic town known for its walkability and high concentration of pedestrian commuters. The median home price is $383,200, and a monthly mortgage payment of $1,867 requires a salary of $80,049.

Conclusion

Homeownership is not out of reach for many Americans, with the potential of buying a home in an affordable city with an even more affordable salary. Aspiring homeowners can explore these 20 cities and weigh these options before making a final decision. Homeownership is possible and should not come at the cost of compromising the quality of life.