$75K Salary? Here's Where You Can Still Afford A Home In 11 Major U.S. Cities

In a housing market that’s leaving many Americans priced out, a handful of major U.S. cities still offer affordability for middle-income homebuyers. A recent analysis by mortgage analytics firm HSH identified 11 large urban centers where households earning around $75,000 annually can still afford a home.

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It comes as welcome news in a climate of rising financial insecurity. A Bankrate survey found that three in four Americans don’t feel completely financially stable, with younger generations saying they need six-figure incomes just to live comfortably.

Against that backdrop, cities like Cleveland and Pittsburgh are unexpected havens for would-be homeowners. In Cleveland, a salary of just $58,403 is enough to cover mortgage payments, taxes, and insurance on a median-priced home of $191,900, according to the HSH analysis. Pittsburgh follows closely, with an income requirement of $59,604 for a $207,100 home.

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The figures assume a 20% down payment and a mortgage rate of 6.75% for borrowers with good to excellent credit. The calculations are based on the principle that no more than 28% of gross income should be spent on housing costs.

Other cities making the list include St. Louis, Detroit, and Louisville, where median home prices hover around $240,000 to $260,000. Oklahoma City, Buffalo, and Memphis also offer opportunities for homeownership at salary levels below $75,000.

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Birmingham, New Orleans, and Cincinnati round out the list. The income needed inches closer to the $75,000 mark but still remains attainable for many middle-income earners.

However, according to CNBC, the affordability in the above cities comes with trade-offs. These urban areas have faced economic challenges, including population decline and fewer high-paying job opportunities. Detroit, for instance, has long grappled with a shrinking population and the economic fallout from a declining auto industry.

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The contrast between affordable cities and the nation’s most expensive housing markets uncovers the growing divide in the American dream of homeownership. While a $75,000 salary can secure a home in Cleveland, it barely covers rent in cities like San Francisco or New York.

That affordability gap is part of a larger trend of financial strain many Americans feel. The Bankrate survey found that the average American believes they need an income of $186,000 to live comfortably – more than double the current average full-time worker’s earnings of about $79,000.

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As Bankrate’s senior economic analyst Mark Hamrick says, “Many Americans are stuck somewhere between continued sticker shock from elevated prices, a lack of income gains, and a feeling that their hopes and dreams are out of touch with their financial capabilities.”

For those willing to relocate, the 11 cities offer a chance to bridge that gap between dreams and reality. However, lower housing costs might mean compromising job opportunities or accepting the challenges that cities face in economic transition.

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