Two Hearts, One Mortgage: 10 Best Cities for Couples to Buy a Home

Sorry, single folks, but here’s one more reason for happy couples to make you heartsick on Valentine’s Day – people in committed relationships have big-time advantages when it comes to homebuying.

Dual incomes are becoming almost a necessity in today’s housing market. Singles across the country, especially those under 35, are struggling to qualify for mortgages that match up with median home prices. A recent Redfin survey also found that nearly 70% of single, divorced or separated people have a difficult time making their monthly mortgage payments.

According to our research, the average income of a single person under 35 would qualify for a mortgage payment in only one city out of the top 100 analyzed – Peoria, Illinois. This assumes the buyer allocates no more than 40% of their income toward the house payment, a common lending cutoff.

As a dual-income couple, your buying power skyrockets, especially geographically. Buying a home together makes it possible for couples to qualify in 45 cities using the same metrics.

Here’s a look at the 10 housing markets where dual incomes help make the biggest difference for would-be homebuyers.

More About the Top 10

1. Peoria, Illinois

With a home price of just $144,900, couples in Peoria are sitting pretty. A house payment here would require just 19% of the couple’s income, leaving plenty left over for the area’s attractions like the Peoria Riverfront Museum, or, for more adventuresome types, axe throwing and VR (hopefully not at the same time) at local hotspot Gone Social.

Despite affordable home prices, couples looking to buy a home shouldn’t get complacent. Realtor.com estimates the city is experiencing a seller’s market, with homes selling at over 97% of asking prices.

2. Davenport, Iowa

In this city of around 100,000 people, buying a home would require an estimated 24% of a couple’s income. But with home prices under $200,000, coming up with a 10% down payment (the amount used in our methodology) isn’t insurmountable.

But what about the city’s culture? Is it a solid area for young couples? DataUSA reports a median age of 37.4, just a year higher than Los Angeles. Couples under 35 might feel right at home even if they are coming from a bigger city.

3. Pittsburgh, Pennsylvania

Pittsburgh’s homes aren’t the cheapest on the list, but higher average incomes here make them about as affordable as the top two cities. Though just a day’s trip to places like Washington, D.C. and New York City, home prices here are less than half the price of those more expensive metros.

4. Detroit, Michigan

Visit Detroit lists 10 romantic activities for young couples, from exploring Belle Isle, a 1,000-acre green space in the Detroit River, to strolling the Sugar Hill Arts District, a neighborhood featuring the best of the Detroit art scene.

Home prices in the area are under $250,000, plus you might be able to find some deals. Realtor.com deems Detroit a buyer’s market, with homes typically selling below asking price.

5. Beaumont, Texas

Stroll Crocket Street in downtown Beaumont on your next date night. The famous street hosts restored buildings from the early 1900s, perfect for history enthusiasts.

Homebuying is within reach, too. Young couples may be eligible for a statewide down payment assistance program from the Texas State Affordable Housing Corporation (TSAHC).

6. Rockford, Illinois

Rockford offers plenty of nightlife for young couples who don’t want to stop having fun just because they’re in a relationship. Grab one of 45 cocktail variations at Social Charcuterie Bar and Cocktails and have dinner at one of Rockford’s many highly rated restaurants.

7. South Bend, Indiana

South Bend has no shortage of activities for young couples. If you and your partner enjoy relaxed activities, take a stroll on the St. Joseph Riverwalk or visit the Potawatomi Zoo. For adventurous couples, head to East Race Waterway for whitewater rafting or kayaking.

8. St. Louis, Missouri

If you’re into bigger cities, St. Louis might fit the bill. While there are more than 2.8 million people in the metro area, home prices are well under $300,000 — quite affordable for a city of this size. You and your partner won’t be lacking in things to do, either. The city boasts over over 5,300 bars and restaurants according to our research.

9. Buffalo, New York

Couples who are sports fans will love this affordable mid-size city. Two pro teams call it home: the NFL’s Buffalo Bills and the Buffalo Sabres of the NHL. And being right on the border of Canada, day trips to another country are easy.

The housing market is strong here, too. Redfin reports an 11% increase in prices over the past year, with homes selling briskly after just 19 days on the market.

10. Syracuse, New York

About four hours from NYC, Syracuse offers young couples the chance at homeownership and a great quality of life. U.S. News ranks it the 73rd best place to live in the country, citing its low cost of living, numerous activities in summer and winter, and short commutes. And if you need help with financing a home, there are eligible areas for the popular zero-down USDA home loan just 15 minutes from downtown.

Methodology

To find the 10 Best Cities for Couples to Buy a Home, we started with 196 metros across the United States with income data from the Census Bureau American Community Survey (ACS) and narrowed the list to the top 100 by population. We then used the median listing price for each metro from Realtor.com data.

To estimate a payment, we assumed a 10% down conventional loan, an example 7% interest rate, mortgage insurance of 0.38% of the loan amount per year from MGIC, 0.35% annual homeowner’s insurance, and 1.2% in annual property taxes. We then compared the estimated payment to the median income of a person under 35 in the metro, then doubled it to estimate the income of a younger, dual-income couple, a likely demographic to be first-time homebuyers. By comparing incomes to home prices, we arrive at a more holistic view of affordability in each market. All figures and eligibility statements are estimates and for example purposes only.