Detroit continues to be a standout for affordable housing, making it one of the last major markets where median-income buyers can realistically aspire to homeownership. As demand in lower price points surges, first-time homebuyers are acting quickly, aware that affordable options are dwindling. In contrast, cities like Los Angeles and San Jose present significant challenges, requiring median earners to spend a substantial portion of their income just to afford a home. While some Midwestern cities provide a glimmer of hope for affordable homeownership, broader affordability challenges persist nationwide.
‘While a few Midwestern markets still offer a path to homeownership for the median-income household who can make a 20% down payment, in most large metros, the dream of owning a home remains out of financial reach without significant changes to either housing supply or interest rates.’
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