Today’s low mortgage rates won’t do you much good if you don’t make enough to afford a home where you live.
But it doesn’t have to be that way. While it may cost you $1 million a month to buy a broom closet in New York’s Tribeca or San Francisco’s Pacific Heights, there are plenty of cities across the U.S. where buying a home is still easily within reach of a typical household.
We used data from the National Association of Realtors and the census to identify cities among the 50 largest where a typical homeowner who puts down 20 percent can most easily qualify for a home purchase mortgage.
Here are the 10 most affordable large housing markets in the U.S.
The Bankrate Daily
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No. 10: Toledo, Ohio
Median household income: $48,822
Qualifying income with 20% down*: $23,613
*This is the income you’d need to earn to qualify for a mortgage on the median home putting 20 percent down.