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The combination has kept the housing market at near-record levels of unaffordability in 2024.
While this may be dispiriting news for potential homebuyers, there are rays of light scattered across the country.
Here they are, in order from most to least affordable.
Also seehow much the typical homebuyers down payment is in 2024.
Detroit
Detroit is currently the most affordable large housing market in America.
Even a 20% down payment would require only $14,199 in savings.
A 10% down payment would require just $10,794.
With a full down payment of 20%, the monthly mortgage cost would be just $603.
That translates to a monthly payment of just $742.
Housing in the city is 128% cheaper than the national average, according to Sperlings BestPlaces.
All data was collected and is up to date as of August 13, 2024.
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