There Are Only 6 Major Cities Left in the U.S. With ‘Affordable’ Homes Matching Median Incomes

Only six major U.S. cities have median home prices that a household making the local median income could afford.

An April report from Clever Real Estate compared the income needed to afford a home in major U.S. cities to the actual income earned by the typical household.

The report considered a home affordable to a particular buyer if it fulfilled the popular 28/36 rule, which advises buyers to spend a maximum of 28% of their monthly income on housing, plus an extra 8% paying other debt like credit card or auto bills.

Even with a 20% down payment, the standard homebuyer making median local pay would not be able to afford a home listed at a middle-of-the-market price in 44 out of 50 major cities.

Home mortgage rates are also high right now, which could prevent sellers from listing homes and buyers from purchasing them.

Here are the six cities with homes that median earners can afford.

1. Pittsburgh, Pennsylvania

^{Pittsburg, Pennsylvania. Credit: Getty Images}

Actual Income: $70,607

Income Needed To Afford The Median Home: $59,919

Local Median Home Sale Price: $199,573

2. Cleveland, Ohio

Actual Income: $65,198

Income Needed To Afford The Median Home: $56,378

Local Median Home Sale Price: $182,652

3. St. Louis, Missouri

^{St. Louis, Missouri. Credit: Getty Images}

Actual Income: $74,531

Income Needed To Afford The Median Home: $66,743

Local Median Home Sale Price: $225,674

4. Memphis, Tennessee

Actual Income: $64,008

Income Needed To Afford The Median Home: $61,659

Local Median Home Sale Price: $213,929

5. Indianapolis, Indiana

Actual Income: $75,824

Income Needed To Afford The Median Home: $73,398

Local Median Home Sale Price: $257,584

6. Birmingham, Alabama

^{Birmingham, Alabama. Credit: Getty Images}

Actual Income: $67,242

Income Needed To Afford The Median Home: $65,216

Local Median Home Sale Price: $235,212