Pittsburgh has been named the most affordable metropolitan area in the nation, according to a new report from Realtor.com. The city boasts a median listing price of just $245,000, significantly lower than the national average.
To afford a home in the area, residents need an annual household salary of approximately $65,000. This makes it one of the few major cities where the American dream remains within reach for the middle class.
The report highlights that a $65,000 income covers a $1,630 monthly payment. This calculation includes property taxes, insurance, and a mortgage at a 6.19% interest rate.
Across the country, many affordable markets are located in the Midwest and the South. These regions benefit from abundant land, active new construction, and a lower cost of living.
Realtor.com senior analyst Hannah Jones noted that these factors prevent home prices from surging. This is a sharp contrast to the extreme costs seen on the East and West Coasts.
In Buffalo, New York, the median listing price sits at $259,900. Buyers there need an annual income of roughly $69,173 to enter the housing market.
St. Louis, Missouri, also remains a top contender for affordability. With a median price of $291,900, a household income of $77,690 is required to purchase a home.
President Trump has made housing affordability a pillar of his “America First” economic agenda. He recently urged House Republicans to pass the ROAD to Housing Act to boost supply.
The DOJ is also monitoring real estate commissions and fees to ensure competition remains fair for buyers. The administration hopes that stabilizing interest rates will further unlock the market.
For many Americans, relocating to these affordable “heartland” cities is becoming a necessity. Buying the national median-priced home of $415,000 requires 70% more income than buying in Pittsburgh.