New Ranking of 10 Most Affordable Cities

None of the U.S. cities where the average household can afford the most home are located in the Western region of the country.

The latest ranking from SmartAsset based on data from the 25 biggest metros finds that the most affordable cities by that metric are clustered in the Midwest and Mid-Atlantic regions. The St. Louis metro took the number one spot, with a median household income slightly more than the national average, $61,600, and a median home value of $172,200, slightly lower than the national average. The average debt for an average St. Louis household is $37,000, meaning that these households can afford a home worth $233,000, 35 percent greater than the local median home is worth.

Home prices are on the rise in America’s largest cities, and incomes are just not keeping up. Outside of the wealthiest residents, homeownership is not in the cards for many in those cities. Adding extra pressure on prospective homeowners’ budgets are high debt payments, including record levels of student debt. In fact, debt is an often overlooked factor in the analysis of how much house residents can afford.

Read more