In these 11 major U.S. cities, it is still possible to purchase a home on a $75,000 salary.

While home affordability is a challenge in many large U.S. cities, there are still some urban homebuyer bargains to be found for those on a tighter budget.

According to an analysis by mortgage analytics firm HSH, 11 of the 50 largest cities are considered affordable for households earning a U.S. median annual income of $74,580.

To afford the mortgage principal, interest, property taxes, and homeowners insurance payments for a median-priced home costing $191,900 in Cleveland, homebuyers only need to earn $58,403 annually.

With a maximum of 28% of gross income spent on housing costs, a 20% down payment, and an average mortgage rate of 6.75% for borrowers with good or excellent credit scores, the estimate is based on these assumptions.

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In contrast to the national median of $412,300, the median home prices in these 11 major cities are below $300,000.

While these places may have fewer high-paying job opportunities due to modest local economies, some, such as Detroit, have experienced longstanding population declines.

According to HSH, households earning $75,000 can still afford a home in 11 major U.S. cities.

1. Cleveland

• Income needed: $58,403
• Median home price: $191,900

2. Pittsburgh

• Income needed: $59,604
• Median home price: $207,100

3. St. Louis

• Income needed: $68,240
• Median home price: $241,100

4. Detroit

• Income needed: $68,335
• Median home price: $240,000

5. Louisville, Kentucky

• Income needed: $69,170
• Median home price: $262,000

6. Oklahoma City

• Income needed: $70,456
• Median home price: $251,000

7. Buffalo, New York

• Income needed: $71,669
• Median home price: $229,700

8. Memphis, Tennessee

• Income needed: $71,943
• Median home price: $272,400

9. Birmingham, Alabama

• Income needed: $75,194
• Median home price: $295,000

10. New Orleans

• Income needed: $75,218
• Median home price: $277,700

11. Cincinnati

• Income needed: $75,634.57
• Median home price: $280,600

The median home prices from the National Association of Realtors and 30-year fixed mortgage rates from Freddie Mac were used to gather data for this study in the first quarter of 2024.

The median home prices in San Francisco and San Jose, California, caused their mortgage rates to be 7.16%, while all other cities had a rate of 6.75%. The Mortgage Bankers Association provided the data on jumbo loans, which typically apply to amounts over $700,000.

The calculation of property taxes utilized U.S. Census data for each city, while insurance costs were determined based on average state rates from the Insurance Information Institute.

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