LOUISVILLE, Ky. (NEXSTAR) – If you’ve given up on home ownership, you’re not alone. The dream has grown unaffordable and unrealistic for Americans in many major cities.
“The rapid rise in home values coupled with the doubling of mortgage rates caused the cost of owning a home to soar. Unfortunately, incomes just haven’t kept up. That lowered affordability everywhere,” said Zillow senior economist Orphe Divounguy.
But if you look closely, some pockets of America are still considered “affordable” to the average family. In a data analysis shared with Nexstar, Zillow identified which cities are affordable by determining where the median-income family is able to spend less than one-third of their income on housing costs.
Looking for a home under $300K? Try these 10 major US metros
If you’re able to scrape together a 20% down payment, several dozen metro areas remain affordable for a median family looking to buy. However, most people don’t have that much cash sitting around in the bank…