{"id":6627,"date":"2025-07-07T07:21:03","date_gmt":"2025-07-07T11:21:03","guid":{"rendered":"https:\/\/www.deeds.com\/articles\/?p=6627"},"modified":"2025-07-07T07:21:05","modified_gmt":"2025-07-07T11:21:05","slug":"and-americas-most-affordable-big-city-is","status":"publish","type":"post","link":"https:\/\/www.deeds.com\/articles\/and-americas-most-affordable-big-city-is\/","title":{"rendered":"And \u201cAmerica\u2019s Most Affordable Big City\u201d Is\u2026"},"content":{"rendered":"\n<figure class=\"wp-block-image aligncenter size-full is-style-rounded is-style-rounded--1\"><img loading=\"lazy\" decoding=\"async\" width=\"1600\" height=\"1067\" src=\"https:\/\/www.deeds.com\/articles\/wp-content\/uploads\/2025\/07\/and-americas-most-affordable-big-city-is.webp\" alt=\"\" class=\"wp-image-6628\" srcset=\"https:\/\/www.deeds.com\/articles\/wp-content\/uploads\/2025\/07\/and-americas-most-affordable-big-city-is.webp 1600w, https:\/\/www.deeds.com\/articles\/wp-content\/uploads\/2025\/07\/and-americas-most-affordable-big-city-is-300x200.webp 300w, https:\/\/www.deeds.com\/articles\/wp-content\/uploads\/2025\/07\/and-americas-most-affordable-big-city-is-1024x683.webp 1024w, https:\/\/www.deeds.com\/articles\/wp-content\/uploads\/2025\/07\/and-americas-most-affordable-big-city-is-768x512.webp 768w, https:\/\/www.deeds.com\/articles\/wp-content\/uploads\/2025\/07\/and-americas-most-affordable-big-city-is-1536x1024.webp 1536w\" sizes=\"auto, (max-width: 1600px) 100vw, 1600px\" \/><\/figure>\n\n\n\n<p>In this beloved city, today\u2019s typical <a href=\"https:\/\/www.deeds.com\/forms\/\">deed<\/a> holder needs a yearly income of $60K to live comfortably.<\/p>\n\n\n\n<p>Considering it\u2019s a big city, this is a modest income. So this news is impressive. And so is the city itself. Frank Zappa even did a jazzy song about moving there, so you know there\u2019s something to this.<\/p>\n\n\n\n<p>If you do move there, your new neighbors will tell you\u2026&nbsp;<\/p>\n\n\n\n<!--more-->\n\n\n\n<h2 class=\"wp-block-heading\">We Are Cleveland!<\/h2>\n\n\n\n<figure class=\"wp-block-image alignright size-full is-style-rounded is-style-rounded--2\"><img loading=\"lazy\" decoding=\"async\" width=\"600\" height=\"365\" src=\"https:\/\/www.deeds.com\/articles\/wp-content\/uploads\/2025\/07\/we-are-cleveland.webp\" alt=\"\" class=\"wp-image-6629\" srcset=\"https:\/\/www.deeds.com\/articles\/wp-content\/uploads\/2025\/07\/we-are-cleveland.webp 600w, https:\/\/www.deeds.com\/articles\/wp-content\/uploads\/2025\/07\/we-are-cleveland-300x183.webp 300w\" sizes=\"auto, (max-width: 600px) 100vw, 600px\" \/><\/figure>\n\n\n\n<p>A city of fabulous culture and arts, libraries and transit\u2026 As long as you\u2019re OK with cold winters, Cleveland, Ohio might just suit your style. And it\u2019s a standout bargain. So says NAR \u2014 the National Association of REALTORS\u00ae.<\/p>\n\n\n\n<p>U.S. home prices have risen 4% from last year, although home value appreciation is leveling off in many markets. In Newark, New Jersey, prices went up more than 11% year-to-year \u2014 the steepest climb of any large city.<\/p>\n\n\n\n<p>It\u2019s good to know that pockets of the U.S. market are still within reach for many working people. And it\u2019s great to know that one of these pockets is the bustling metropolis of Cleveland.<\/p>\n\n\n\n<p>NAR contrasts the options for home buyers in Cleveland with the situation of their peers in Irvine, California. The Irvine buyers need to earn $326,645 annually to stake out a comfortable life. More than a 5X difference!<\/p>\n\n\n\n<p>NAR calls it the housing affordability gap. The trade group says households that earn $75K a year are very limited as to the areas of the market currently within their reach. Just over a fifth of the listings available would be financially accessible to them. &nbsp;<\/p>\n\n\n\n<p>This is why mapping real estate prices nationwide is so helpful \u2014 for graduates, job seekers, and others looking to buy a home.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Where Are the Most Accessible Markets? Mainly in the Midwest and the Southern States.<\/h2>\n\n\n\n<p>Across the nation, more and more homes are showing up for sale. Partly, this involves the \u201csilver tide\u201d of sellers. That\u2019s the <a href=\"https:\/\/www.deeds.com\/articles\/a-silver-tide-of-boomers-will-pass-their-deeds-along-and-its-rolling\/\">boomer generation<\/a>, whose eldest members are turning 80, and are letting go of their homes.<\/p>\n\n\n\n<p>Listings across the country are up 20% from last year. That\u2019s a major change. And although it\u2019s good news for hopeful buyers, it does not translate to across-the-board affordability, or anything close.<\/p>\n\n\n\n<p>A lot of these new listings are showing up in Colorado, Utah, Florida, Arizona. And there\u2019s one region looking especially good for buyers: the Midwest.<\/p>\n\n\n\n<p>The Midwest is brimming with affordability, but only in contrast to the sky-high price tags in coastal states. Iowa, Indiana, and Illinois join Ohio in offering what agents call a balanced market. So does West Virginia. In all of these states, households earning $75K can afford to make an offer on close to half the current listings.<\/p>\n\n\n\n<p>In broad terms, for the so-called balanced market, about half of all listings should be below the $255K range.<\/p>\n\n\n\n<p>In 2025, a few other metro areas are gradually approaching that \u201cbalanced market\u201d zone: Akron and Youngstown, St. Louis, and Pittsburgh. Austin, Texas; Salt Lake City, Utah; and Denver, Colorado have all added to their \u201caffordable\u201d listings \u2014 on average, 20%. Also getting closer to affordability are Columbus, Des Moines, and Grand Rapids, as well as Raleigh and Columbia in the Carolinas. NAR calls the availability of smaller homes a promising sign. First-time buyers want small homes, in decent shape.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Light at the End of a Very Long Tunnel?<\/h2>\n\n\n\n<p>NAR says even San Francisco is looking better. Listings there are actually dipping to pre-pandemic levels. And while Washington, D.C. is still extremely expensive, prices on listings are looking more like they did before the pandemic hit. These are two signs of light at the end of the tunnel for sidelined households struggling to buy.&nbsp;<\/p>\n\n\n\n<p>As for the coastal states more generally, the story is different. In most of California, as with Massachusetts, affordable housing is scant. Then there\u2019s Hawaii, where real estate is shockingly expensive. Homes in Montana and Idaho, too, remain largely out of reach for most. According to NAR, today\u2019s hardest markets to break into are New York, New York; Spokane, Washington; and the California cities of Los Angeles, Oxnard, and San Diego.<\/p>\n\n\n\n<p>Since last year, the real estate market of Seattle, like D.C., can now claim to have increased the portion of homes considered affordable. Those homes are 4% more plentiful in both cities. At the same time, both cities continue to cope with monstrous affordability gaps. A household would need a whopping $150K in income to be approved for loans on half the DC or Seattle homes for sale. &nbsp;<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Weren\u2019t Real Estate Pros Expecting Crowds of Summer Home Buyers? What Is Going On?<\/h2>\n\n\n\n<p>Now, with mortgage rates nudging 7%, would-be buyers remain hesitant, despite their stronger position in the market. Even where homes are becoming more affordable, people\u2019s wages have stalled. In short, the real cost of homeownership is not hospitable to working people.<\/p>\n\n\n\n<p>Home seekers earning $50K a year require homes priced at under $170K. This group of hopeful buyers is actually worse off than it was last year. NAR says they can afford to make offers on just 8.7% of the current U.S. home listings. Last year, 9.4% of the U.S. market was accessible to these households of modest means.<\/p>\n\n\n\n<p>And there are many such households. They make up a third of the U.S. population, says NAR. So, in a balanced market, they would be able to shop for one in every three homes listed for sale.&nbsp;<\/p>\n\n\n\n<p>It\u2019s in this expensive real estate context that mortgage rates remain elevated. The Berkshire Hathaway Home Services blog sees \u201ca clear trend\u201d taking shape: buyer demand follows the market swings. The blog elaborates:<\/p>\n\n\n\n<p><em>With sky-high home prices, tariff-induced inflation fears and mortgage interest rates escalating, along with recent stock market losses, homebuyers are more cautious.<\/em><\/p>\n\n\n\n<p>NAR economist Lawrence Yun said something that resonates with Berkshire Hathaway, too: buyers are \u201cacutely sensitive to even minor fluctuations\u201d in the prevailing mortgage rates. Hopeful buyers are see-sawing \u2014 buying or holding off in direct reaction to pieces of economic news.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Obsessed With Mortgage Rates? Hopeful Buyers Can\u2019t Help It.<\/h2>\n\n\n\n<p>The average mortgage payment for a U.S. homebuyer is $2,209. This figure, of course, varies per market. The average payment in Ohio is just over $1,900.<\/p>\n\n\n\n<p>Meanwhile, higher-income households don\u2019t need to worry much. A salary of $250K means the ability to purchase at least four in every five listed U.S. homes.<\/p>\n\n\n\n<p>As <a href=\"https:\/\/worldpopulationreview.com\/state-rankings\/percentage-of-households-making-over-250k\" target=\"_blank\" rel=\"noreferrer noopener\">this map<\/a> shows, that\u2019s a small portion of the population.<\/p>\n\n\n\n<p>Anyone else ready for a little Frank Zappa mood music?<\/p>\n\n\n\n<div class=\"wp-block-group has-accent-5-background-color has-background has-small-font-size is-layout-flow wp-block-group-is-layout-flow\" style=\"padding-top:var(--wp--preset--spacing--20);padding-right:var(--wp--preset--spacing--20);padding-bottom:var(--wp--preset--spacing--20);padding-left:var(--wp--preset--spacing--20)\">\n<p><strong>Supporting References<\/strong><\/p>\n\n\n\n<p><em>Realtor.com\u00ae Newsroom<\/em> (operated by News Corp subsidiary Move, Inc. for the National Association of REALTORS\u00ae): <a href=\"https:\/\/www.nar.realtor\/newsroom\/americas-housing-affordability-gap-persists-households-earning-75000-annually-can-afford-less-than-a-quarter-of-for-sale-home-listings\" target=\"_blank\" rel=\"noreferrer noopener\">America&#8217;s Housing Affordability Gap Persists \u2013 Households Earning $75,000 Annually Can Afford Less Than a Quarter of For-Sale Home Listings<\/a> (May 15, 2025; referring to the <em>Realtor.com<\/em>\u00ae 2025 Housing Affordability &amp; Supply report).<\/p>\n\n\n\n<p>Caitlin Cahalan for <em>TheStreet.com<\/em>:<a href=\"https:\/\/www.thestreet.com\/real-estate\/warren-buffetts-berkshire-hathaway-predicts-mortgage-rate-changes-will-stir-housing-market\"><\/a>\u00a0<a href=\"https:\/\/www.thestreet.com\/real-estate\/warren-buffetts-berkshire-hathaway-predicts-mortgage-rate-changes-will-stir-housing-market\" target=\"_blank\" rel=\"noreferrer noopener\">Warren Buffett&#8217;s Berkshire Hathaway Predicts Mortgage Rate Changes Will Stir Housing Market<\/a> (The Arena Media Brands, LLC, a trademark of TheStreet, Inc., on Jun. 29, 2025).<\/p>\n\n\n\n<p>Aditya Agarwal for <em>Houzeo.com<\/em>: <a href=\"https:\/\/www.houzeo.com\/blog\/average-mortgage-payment\/\" target=\"_blank\" rel=\"noreferrer noopener\">What Is the Average Mortgage Payment in the U.S. in 2024<\/a>? (updated Feb. 10, 2025).<\/p>\n\n\n\n<p>And as linked.&nbsp;<\/p>\n\n\n\n<p><strong>More on topics: <\/strong><a href=\"https:\/\/www.deeds.com\/articles\/one-month-in-hows-2025-looking-for-housing\/\">2025 housing market<\/a><strong>, <\/strong><a href=\"https:\/\/www.deeds.com\/articles\/could-ohio-make-property-taxes-unconstitutional-should-it\/\">Could Ohio end property taxes<\/a><strong>?<\/strong><\/p>\n\n\n\n<p>Photo credits: <a href=\"https:\/\/www.pexels.com\/photo\/family-of-different-ages-hugging-6149192\/\" target=\"_blank\" rel=\"noreferrer noopener\">RDNE Stock project<\/a> via Pexels\/Canva; and Mike Sharp &#8211; User: (WT-shared) 2old at wts Wikivoyage via <a href=\"https:\/\/commons.wikimedia.org\/wiki\/File:Cleveland_from_lakefront.jpg\" target=\"_blank\" rel=\"noreferrer noopener\">Wikimedia Commons<\/a> (licensed under <a href=\"https:\/\/creativecommons.org\/licenses\/by-sa\/4.0\" target=\"_blank\" rel=\"noreferrer noopener\">CC BY-SA 4.0 Int\u2019l<\/a>).<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>In this beloved city, today\u2019s typical deed holder needs a yearly income of $60K to live comfortably. Considering it\u2019s a big city, this is a modest income. So this news is impressive. And so is the city itself. Frank Zappa even did a jazzy song about moving there, so you know there\u2019s something to this. [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":6628,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[23,131],"tags":[2539,2534,2535,417,2537,140,2538,404,2536,834],"class_list":["post-6627","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ohio","category-real-estate","tag-affordable-cities","tag-cleveland-ohio","tag-home-prices-2025","tag-housing-affordability","tag-midwest-housing","tag-mortgage-rates","tag-nar-housing-data","tag-real-estate-trends","tag-realtor-com-report","tag-u-s-housing-market"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.5 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>And \u201cAmerica\u2019s Most Affordable Big City\u201d Is\u2026 - Deeds.com<\/title>\n<meta name=\"description\" content=\"Discover why Cleveland tops 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