Nine cities across the United States have been named as some of the most affordable places in the world, according to a new report.
In a study on international housing affordability conducted by Chapman University and Frontier Centre for Public Policy, researchers analyzed the median home price and median household income data from 2022 to determine the affordability score of each of the 94 major metropolitan areas in eight countries. Metro areas with a median score of 3.0 or less are considered affordable.
Top 5 US Cities That Made the List
Of 94 metro areas analyzed, nine U.S. cities made the list of the most affordable housing markets in the world.
Pittsburg
Affordability Score: 3.1
Rank: 1
Pittsburg was noted as the most affordable housing market both in the US and in the world. In 2022, the median income was $63,380, per the Census Bureau. The median listing price in May this year was $235,000, according to Redfin.
Rochester
Affordability Score: 3.4
Rank: 2
Rochester came in second as the most affordable housing market in the world. The median household income in the city is $43,631 while the median listing price was $144,000.
St. Louis
Affordability Score: 3.4
Rank: 2
St. Louis was the third city on the list and was tied with Rochester as the second most affordable housing market in the world. Residents of St. Louis earn a median annual income of $79,440. The median listing price of homes in the city was $235,000.
Cleveland
Affordability Score: 3.5
Rank: 4
In Cleveland, the average household earns an annual income of $37,351. The median listing price in Cleveland was $132,000 in May.
Buffalo
Affordability Score: 3.6
Rank: 5
The median sale price of homes in Buffalo was $209,250, per Redfin. The median household income is $48,904.
Other US Cities on the Top 10
The other U.S. cities that were included on the list of the 10 most affordable housing markets in the world were Detroit and Oklahoma City, both with an affordability score of 3.6; and Cincinnati and Louisville, both of which scored an affordability score of 3.7.
Only one city outside the U.S. made the top 10---Edmonton in Alberta, Canada. That city had an affordability score of 3.6 and ranked fifth on the list.
