8 affordable U.S. cities for the middle class to buy a home (via CNBCMakeIt)
For the middle class — those who earn between two-thirds and double the median income in their area — the ability to afford a home can depend largely on where you live. But it's also determined by which end of the middle class spectrum you fall in.
div > div.group > p:first-child"> To determine the most affordable cities for middle class families, financial website LendingTree compared the typical monthly payments for median-priced homes in the 50 largest metro areas in the U.S. to how much middle income buyers could afford to pay without spending more than 28% of their income on housing. The data assumes that homeowners will make a 20% down payment and secure a loan rate of around 4.6%.
Because the American middle class includes such a broad spectrum of earners, LendingTree also broke the results down into three groups: lower-middle class, or those who make two-thirds of the median income; middle-middle class, who make exactly the median income; and upper-middle class, who make double the median income.Houston, TexasLendingTree: Most affordable U.S. metros for each subsection of the middle class.
If you're looking to buy a home, be sure you're ready to transition from renting and consider some of the markets where homes are most affordable for millennials. And if you're going to stick with renting, check out these budgeting hacks, credit tips and other ways to save.Like this story? Subscribe to CNBC Make It on YouTube!
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