Affordable Places to Buy a Home

Affordable Places to Buy a Home

The 25 Most Affordable Places to Buy a Home

In these housing markets, the typical mortgage payment consumes less than a third of the median household monthly income.

Finding a home that meets your needs while leaving enough money for other life enjoyments can sometimes feel daunting. However, real estate markets vary significantly, and there are still areas where homes are considered affordable. If buying a home is a priority and you have the flexibility to move, consider these locations.

The cities on Zillow’s list of the most affordable places to live all have one thing in common: housing costs consume less than 30% of a typical household’s budget — often much less.

The rankings are based on a Zillow® analysis of metro areas across the country, considering the value of a typical home and the median household income. Also included is the monthly mortgage payment needed to purchase a typical home, assuming the buyer pays current interest rates and puts 20% down.

These factors combined produce a “mortgage-to-income ratio” — the share of your income that goes toward housing costs. Paying around a third of your income towards housing is generally considered affordable, meaning you have money left for other necessities, debt payments, and savings for the future.

Of course, determining what you can afford when shopping for a home involves various considerations beyond your mortgage-to-income ratio. Read on for tips on determining your price range, and remember to reach out to a lender if you have questions.

The Most Affordable Places to Live

  1. Pittsburgh, PA
    • Typical Home Value: $202,454
    • Share of Monthly Income Needed: 19%
    • Typical Monthly Mortgage Payment: $1,053
    • Years to Save for 20% Down Payment: 5.3
  2. Jackson, MS
    • Typical Home Value: $185,338
    • Share of Monthly Income Needed: 22%
    • Typical Monthly Mortgage Payment: $964
    • Years to Save for 20% Down Payment: 5.7
  3. Syracuse, NY
    • Typical Home Value: $212,404
    • Share of Monthly Income Needed: 23%
    • Typical Monthly Mortgage Payment: $1,105
    • Years to Save for 20% Down Payment: 5.8
  4. Toledo, OH
    • Typical Home Value: $176,787
    • Share of Monthly Income Needed: 24%
    • Typical Monthly Mortgage Payment: $920
    • Years to Save for 20% Down Payment: 5.6
  5. Wichita, KS
    • Typical Home Value: $201,780
    • Share of Monthly Income Needed: 24%
    • Typical Monthly Mortgage Payment: $1,050
    • Years to Save for 20% Down Payment: 5.7
  6. Akron, OH
    • Typical Home Value: $207,190
    • Share of Monthly Income Needed: 24%
    • Typical Monthly Mortgage Payment: $1,078
    • Years to Save for 20% Down Payment: 5.8
  7. St. Louis, MO
    • Typical Home Value: $242,214
    • Share of Monthly Income Needed: 25%
    • Typical Monthly Mortgage Payment: $1,260
    • Years to Save for 20% Down Payment: 6
  8. Augusta, GA
    • Typical Home Value: $224,839
    • Share of Monthly Income Needed: 25%
    • Typical Monthly Mortgage Payment: $1,170
    • Years to Save for 20% Down Payment: 6.4
  9. Rochester, NY
    • Typical Home Value: $233,753
    • Share of Monthly Income Needed: 25%
    • Typical Monthly Mortgage Payment: $1,216
    • Years to Save for 20% Down Payment: 6.2
  10. Detroit, MI
    • Typical Home Value: $240,536
    • Share of Monthly Income Needed: 26%
    • Typical Monthly Mortgage Payment: $1,251
    • Years to Save for 20% Down Payment: 6.2
  11. Birmingham, AL
    • Typical Home Value: $247,702
    • Share of Monthly Income Needed: 26%
    • Typical Monthly Mortgage Payment: $1,289
    • Years to Save for 20% Down Payment: 6.7
  12. Baton Rouge, LA
    • Typical Home Value: $228,418
    • Share of Monthly Income Needed: 26%
    • Typical Monthly Mortgage Payment: $1,188
    • Years to Save for 20% Down Payment: 6.5
  13. Indianapolis, IN
    • Typical Home Value: $270,026
    • Share of Monthly Income Needed: 26%
    • Typical Monthly Mortgage Payment: $1,405
    • Years to Save for 20% Down Payment: 6.6
  14. Little Rock, AR
    • Typical Home Value: $212,713
    • Share of Monthly Income Needed: 26%
    • Typical Monthly Mortgage Payment: $1,107
    • Years to Save for 20% Down Payment: 6.5
  15. Des Moines, IA
    • Typical Home Value: $270,827
    • Share of Monthly Income Needed: 26%
    • Typical Monthly Mortgage Payment: $1,409
    • Years to Save for 20% Down Payment: 6.1
  16. Columbia, SC
    • Typical Home Value: $243,161
    • Share of Monthly Income Needed: 26%
    • Typical Monthly Mortgage Payment: $1,265
    • Years to Save for 20% Down Payment: 7
  17. Cleveland, OH
    • Typical Home Value: $215,913
    • Share of Monthly Income Needed: 26%
    • Typical Monthly Mortgage Payment: $1,123
    • Years to Save for 20% Down Payment: 6.1
  18. Buffalo, NY
    • Typical Home Value: $244,825
    • Share of Monthly Income Needed: 26%
    • Typical Monthly Mortgage Payment: $1,274
    • Years to Save for 20% Down Payment: 6.5
  19. Grand Rapids, MI
    • Typical Home Value: $309,531
    • Share of Monthly Income Needed: 27%
    • Typical Monthly Mortgage Payment: $1,610
    • Years to Save for 20% Down Payment: 7.3
  20. Memphis, TN
    • Typical Home Value: $234,635
    • Share of Monthly Income Needed: 27%
    • Typical Monthly Mortgage Payment: $1,221
    • Years to Save for 20% Down Payment: 7
  21. Oklahoma City, OK
    • Typical Home Value: $229,529
    • Share of Monthly Income Needed: 27%
    • Typical Monthly Mortgage Payment: $1,194
    • Years to Save for 20% Down Payment: 6.4
  22. Louisville, KY
    • Typical Home Value: $247,856
    • Share of Monthly Income Needed: 28%
    • Typical Monthly Mortgage Payment: $1,290
    • Years to Save for 20% Down Payment: 6.9
  23. Harrisburg, PA
    • Typical Home Value: $274,217
    • Share of Monthly Income Needed: 28%
    • Typical Monthly Mortgage Payment: $1,427
    • Years to Save for 20% Down Payment: 6.9
  24. Cincinnati, OH
    • Typical Home Value: $271,766
    • Share of Monthly Income Needed: 28%
    • Typical Monthly Mortgage Payment: $1,414
    • Years to Save for 20% Down Payment: 6.9
  25. Tulsa, OK
    • Typical Home Value: $227,703
    • Share of Monthly Income Needed: 28%
    • Typical Monthly Mortgage Payment: $1,185
    • Years to Save for 20% Down Payment: 6.7