Buying or Selling a Home

The 10 Most Affordable Cities for Homebuyers

Affordability is a relative concept in housing. Markets that seem affordable, because their median home price is lower than other areas, may actually be unaffordable for people who live there. For that reason, we measure affordability by the share of median income that residents pay for a 30-year fixed mortgage on a typical home. By that measure, the following 10 markets were the most affordable among the country’s largest 50 metro areas at the end of 2017.

1. Oklahoma City, OK


Share of Income Spent on Mortgage: 10.8%
Zillow Home Value Index: $136,300
National Population Rank: 42
Inventory: 6,395 homes

2. Pittsburgh, PA


Share of Income Spent on Mortgage: 10.9%
Zillow Home Value Index: $139,100
National Population Rank: 22
Inventory: 9,671 homes

3. Indianapolis, IN


Share of Income Spent on Mortgage: 11%
Zillow Home Value Index: $142,300
National Population Rank: 33
Inventory: 6,476 homes 

4. Memphis, TN


Share of Income Spent on Mortgage: 11%
Zillow Home Value Index: $124,800
National Population Rank: 41
Inventory: 3,878 homes

5. St. Louis, MO


Share of Income Spent on Mortgage: 11.1%
Zillow Home Value Index: $150,800
National Population Rank: 18
Inventory: 11,027 homes

6. Detroit, MI


Share of Income Spent on Mortgage: 11.3%
Zillow Home Value Index: $144,400
National Population Rank: 12
Inventory: 12,063 homes

7. Birmingham, AL


Share of Income Spent on Mortgage: 11.3%
Zillow Home Value Index: $135,000
National Population Rank: 49
Inventory: 5,330 homes

8. Cincinnati, OH


Share of Income Spent on Mortgage: 11.4%
Zillow Home Value Index: $156,600
National Population Rank: 28
Inventory: 5,860 homes

9. Cleveland, OH


Share of Income Spent on Mortgage: 11.6%
Zillow Home Value Index: $137,000
National Population Rank: 29
Inventory: 8,617 homes

10. Kansas City, MO


Share of Income Spent on Mortgage: 11.9%
Zillow Home Value Index: $166,100
National Population Rank: 30
Inventory: 7,513 homes

Article originally posted by Zillow