Can You Afford a Home With a $50,000 Income? In These Metro Areas, Yes You Can

Across the country, the homeownership rate has sunk to a level not seen since the 1960s. For many, especially millennials and other age groups, too, the biggest obstacle to buying a home is a perceived lack of affordability. In 2013, Fannie Mae found that 58% of renters earning from $25,000 to $50,000 thought getting a mortgage would be “difficult.”

While home prices have increased in recent years, many metropolitan areas still have a supply of housing that’s affordable for most Americans. Current renters may be surprised to learn that homeownership is a goal within reach, even for those making $50,000, which is below the national median household income of about $59,000 for 25- to 44-year-olds, according to data from the U.S. Census Bureau.

Home affordability calculator

Using NerdWallet’s home affordability calculator, we examined 15 metropolitan areas across the U.S. where the suggested home price for a household making $50,000 is equal to or higher than the median home price.