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Elevated housing prices and highmortgage rateshave made it difficult for first-timers to enter the real estate market.
However, in positive news, the report also listed the most affordable housing markets for first-time buyers.
There are markets where you could still purchase a home as a first-timer with a modest salary.
Heres a look at these markets andthe salary youll need to reasonably afford a home there.
How Much Do Houses Cost in the Top Markets for First-Time Buyers?
Realtor.comreported that the median listing price for homes across America was at $416,800 as of November 2024.
This is a common measure of housing affordability, even though real estate prices have skyrocketed in recent years.
Traditionally, the generally accepted rule is that you should aim for a 2.6 price-to-income ratio when house hunting.
The study noted that the monthly mortgage payment in Rochester is $650, not including taxes and insurance.
The 15% figure labels this property as affordable, since it falls under the recommended 30% rule.
The 30% rule can be challenging to follow in many markets.
The affordable housing markets listed by Realtor.com all had housing expenses under 30% of average monthly income.
However, many of the homes didnt fit into the 2.6 rule for the price-to-income ratio.
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