25 Most Affordable Cities for First-Time Homebuyers
Affordable areas for first-time homebuyers are getting rarer by the day. 25 cities where homeownership is still within reach.
Tim Lucas is the editor and Lead Analyst for MortgageResearch.com. Tim spent 11 years in the mortgage industry and now leverages that real-world knowledge to give consumers reliable, actionable advice. He has been featured in national publications such as Time, U.S. News, MSN, The Mortgage Reports, and more.
Affordable areas for first-time homebuyers are getting rarer by the day. 25 cities where homeownership is still within reach.
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Think today's market is tough? On Halloween 1981, mortgage rates hit 18% and the typical house payment ate up 73% of a family's paycheck.
Despite low nominal prices and payments, 1980s homebuyers had it about as tough as today's buyer. Home payments eat up over half of median incomes in both eras.
How much home you qualify for with an FHA loan depends on many factors but we made some assumptions to give you a ballpark figure based on your income. Check your potential home price.
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