real estate

5 most affordable cities to buy a house

Source: Interest.com

Houses are more affordable in some places than others. Does your metro area rank near the top or bottom?

Lenders say a home is affordable when your house payment plus other debt payments add up to 36 percent or less of household income. Interest.com, a Bankrate-owned company, gathered data about housing costs and other debt in the nation's 25 largest metropolitan areas. In the most affordable cities, including Detroit, Atlanta, Minneapolis, Phoenix and St. Louis, total monthly debt was well below 36 percent of median income.

Nationally

Median house payment: $936
Median other debt: $504
Median total debt: $1,440
Median monthly household income: $4,209
Percentage of income going to pay debts: 34.2

Detroit

Median house payment: $510
Median other debt: $501
Median total debt: $1,011
Median monthly household income: $4,081
Percentage of income going to pay debts: 24.8

Atlanta

Median house payment: $607
Median other debt: $521
Median total debt: $1,128
Median monthly household income: $4,387
Percentage of income going to pay debts: 25.7

Minneapolis

Median house payment: $936
Median other debt: $502
Median total debt: $1,438
Median monthly household income: $5,279
Percentage of income going to pay debts: 27.2

Phoenix

Median house payment: $704
Median other debt: $512
Median total debt: $1,216
Median monthly household income: $4,172
Percentage of income going to pay debts: 29.1

St. Louis

Median house payment: $729
Median other debt: $514
Median total debt: $1,243
Median monthly household income: $4,264
Percentage of income going to pay debts: 29.2

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