How Affordable Are America’s 50 Largest Housing Markets?
Affording a home in the largest cities appears to be increasingly out of reach for Americans. Data from a new MoneyLion analysis reveals 37 major housing markets were flagged for exceeding the 30% housing rule (the percentage of a homeowner’s income that should go toward housing). Five of these markets, including four in California and one in New York, have soared past the 50% mark for new homeowner affordability.
To determine affordability for new homeowners and renters in each market, MoneyLion found the nation’s top 50 housing markets by size and referred to the Zillow Home Value Index (March 2026) to source the average home value. (The same guidelines were followed for sourcing the average rent for homes.)
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MoneyLion then used Zillow Research Data to find the percentage of median income needed for both owning and renting, plus the income needed if 30% is to be set aside for housing.
Key Findings
St. Louis is the most affordable housing market. The market is well under 30% for new homeowner (26.3%) and renter (19.7%) affordability. A six-figure income is not necessary to own or rent a home either. The income needed to spend 30% on housing is $75,499 for homeowners and $56,640 for renters.
Five housing markets required at least 50% of the median income for home affordability. From most to least expensive, they are Los Angeles (69.2%); San Jose, California (66.9%); San Diego (59.5%); San Francisco (59.3%); and New York City (56.4%).
Five major markets were flagged for 30% or more of new renter median income going toward housing. The markets are New York (38.1%); Miami (37.4%); Los Angeles (33.9%); Riverside, California (31.1%); and Boston (30.1%).
Only two housing markets require under 25% of the median income: Pittsburgh (23.1%) and Birmingham, Alabama (24.9%).
The market demanding the highest income for a new homeowner is San Jose, at a dizzying $392,623. By comparison, four markets -- Pittsburgh; Birmingham; Buffalo, New York; and Memphis, Tennessee -- have income requirements under $70,000.
Renters need to earn six figures in seven major markets known for their high cost of living: San Jose, New York, San Francisco, Boston, Los Angeles, San Diego and Miami. The cheapest rental havens are Louisville, Kentucky ($54,855), and Buffalo ($54,949).
Here’s what housing affordability looks like in the nation’s 50 largest markets.
1. St. Louis
Average house value: $276,557
% of median income needed for new home: 26.3%
New homeowner income needed: $75,499
Average house rent: $1,583
% of median income needed for new rental: 19.74%
New renter income needed: $56,640
2. San Antonio
Average house value: $280,418
% of median income needed for new home: 29%
New homeowner income needed: $80,202
Average house rent: $1,841
% of median income needed for new rental: 20.1%
New renter income needed: $55,645
3. Raleigh, North Carolina
Average house value: $440,471
% of median income needed for new home: 30.8%
New homeowner income needed: $111,074
Average house rent: $2,074
% of median income needed for new rental: 18.4%
New renter income needed: $66,480
4. Birmingham, Alabama
Average house value: $260,529
% of median income needed for new home: 24.9%
New homeowner income needed: $66,229
Average house rent: $1,537
% of median income needed for new rental: 21.1%
New renter income needed: $56,277
5. Pittsburgh
Average house value: $222,904
% of median income needed for new home: 23.1%
New homeowner income needed: $63,474
Average house rent: $1,672
% of median income needed for new rental: 21.5%
New renter income needed: $59,142
6. Louisville, Kentucky
Average house value: $282,494
% of median income needed for new home: 28.2%
New homeowner income needed: $73,628
Average house rent: $1,652
% of median income needed for new rental: 21%
New renter income needed: $54,855
7. Austin, Texas
Average house value: $433,429
% of median income needed for new home: 35%
New homeowner income needed: $122,141
Average house rent: $2,240
% of median income needed for new rental: 18.1%
New renter income needed: $63,161
8. Oklahoma City
Average house value: $246,230
% of median income needed for new home: 27.4%
New homeowner income needed: $70,798
Average house rent: $1,554
% of median income needed for new rental: 21.3%
New renter income needed: $55,172
9. Kansas City, Missouri
Average house value: $326,235
% of median income needed for new home: 30.1%
New homeowner income needed: $89,366
Average house rent: $1,759
% of median income needed for new rental: 20.3%
New renter income needed: $60,133
10. Buffalo, New York
Average house value: $279,559
% of median income needed needed for new home: 27.1%
New homeowner income needed: $68,654
Average house rent: $1,773
% of median income needed for new rental: 21.7%
New renter income needed: $54,949
11. Minneapolis
Average house value: $398,415
% of median income needed for new home: 30.8%
New homeowner income needed: $105,959
Average house rent: $2,406
% of median income needed for new rental: 19.5%
New renter income needed: $67,250
12. Columbus, Ohio
Average house value: $349,940
% of median income needed for new home: 30.4%
New homeowner income needed: $89,336
Average house rent: $2,050
% of median income needed for new rental: 20.6%
New renter income needed: $60,542
13. Indianapolis
Average house value: $295,778
% of median income needed for new home: 26.8%
New homeowner income needed: $74,874
Average house rent: $1,881
% of median income needed for new rental: 21.6%
New renter income needed: $60,540
14. Cincinnati
Average house value: $315,810
% of median income needed for new home: 26.6%
New homeowner income needed: $76,220
Average house rent: $2,036
% of median income needed for new rental: 21.6%
New renter income needed: $61,963
15. Detroit
Average house value: $262,146
% of median income needed for new home: 26.6%
New homeowner income needed: $71,692
Average house rent: $1,571
% of median income needed for new rental: 21.9%
New renter income needed: $58,933
16. Dallas
Average house value: $367,222
% of median income needed for new home: 31.8%
New homeowner income needed: $104,611
Average house rent: $2,313
% of median income needed for new rental: 20%
New renter income needed: $65,782
17. Salt Lake City
Average house value: $583,801
% of median income needed for new home: 38.3%
New homeowner income needed: $135,333
Average house rent: $2,427
% of median income needed for new rental: 18.2%
New renter income needed: $64,283
18. Cleveland
Average house value: $251,762
% of median income needed for new home: 28.5%
New homeowner income needed: $70,495
Average house rent: $1,688
% of median income needed for new rental: 23%
New renter income needed: $56,757
19. Houston
Average house value: $311,092
% of median income needed for new home: 29.9%
New homeowner income needed: $85,900
Average house rent: $2,141
% of median income needed for new rental: 22.4%
New renter income needed: $64,391
20. Baltimore
Average house value: $412,131
% of median income needed for new home: 30%
New homeowner income needed: $104,304
Average house rent: $2,357
% of median income needed for new rental: 21.5%
New renter income needed: $74,736
21. Milwaukee
Average house value: $394,490
% of median income needed for new home: 35.7%
New homeowner income needed: $97,663
Average house rent: $1,862
% of median income needed for new rental: 22%
New renter income needed: $60,156
22. Memphis, Tennessee
Average house value: $243,552
% of median income needed for new home: 28.8%
New homeowner income needed: $68,766
Average house rent: $1,619
% of median income needed for new rental: 24%
New renter income needed: $57,380
23. Denver
Average house value: $599,298
% of median income needed for new home: 37.9%
New homeowner income needed: $144,255
Average house rent: $2,941
% of median income needed for new rental: 19.5%
New renter income needed: $74,306
24. Atlanta
Average house value: $386,263
% of median income needed for new home: 30.8%
New homeowner income needed: $100,552
Average house rent: $2,204
% of median income needed for new rental: 22.2%
New renter income needed: $72,454
25. Phoenix
Average house value: $458,336
% of median income needed for new home: 33.5%
New homeowner income needed: $106,386
Average house rent: $2,280
% of median income needed for new rental: 21.9%
New renter income needed: $69,415
26. Charlotte, North Carolina
Average house value: $391,197
% of median income needed for new home: 31.8%
New homeowner income needed: $97,023
Average house rent: $2,119
% of median income needed for new rental: 22.6%
New renter income needed: $69,056
27. Portland, Oregon
Average house value: $562,497
% of median income needed for new home: 40.1%
New homeowner income needed: $140,660
Average house rent: $2,596
% of median income needed for new rental: 20.3%
New renter income needed: $71,190
28. Jacksonville, Florida
Average house value: $357,923
% of median income needed for new home: 31.7%
New homeowner income needed: $91,419
Average house rent: $2,057
% of median income needed for new rental: 23.3%
New renter income needed: $67,176
29. Richmond, Virginia
Average house value: $394,044
% of median income needed for new home: 34.2%
New homeowner income needed: $99,247
Average house rent: $2,242
% of median income needed for new rental: 23.3%
New renter income needed: $67,636
30. Nashville, Tennessee
Average house value: $461,208
% of median income needed for new home: 35.3%
New homeowner income needed: $110,310
Average house rent: $2,326
% of median income needed for new rental: 22.8%
New renter income needed: $71,363
31. Philadelphia
Average house value: $393,257
% of median income needed for new home: 33.1%
New homeowner income needed: $106,161
Average house rent: $2,204
% of median income needed for new rental: 23.3%
New renter income needed: $74,753
32. Hartford, Connecticut
Average house value: $411,433
% of median income needed for new home: 33.9%
New homeowner income needed: $112,518
Average house rent: $2,592
% of median income needed for new rental: 23.3%
New renter income needed: $77,248
33. Washington, D.C.
Average house value: $626,331
% of median income needed for new home: 33.6%
New homeowner income needed: $149,150
Average house rent: $3,144
% of median income needed for new rental: 21.2%
New renter income needed: $93,877
34. Las Vegas
Average house value: $450,785
% of median income needed for new home: 36.4%
New homeowner income needed: $102,893
Average house rent: $2,225
% of median income needed for new rental: 24.4%
New renter income needed: $69,074
35. Virginia Beach, Virginia
Average house value: $374,963
% of median income needed for new home: 33.6%
New homeowner income needed: $97,925
Average house rent: $2,220
% of median income needed for new rental: 25%
New renter income needed: $72,772
36. Orlando, Florida
Average house value: $402,409
% of median income needed for new home: 36.6%
New homeowner income needed: $104,706
Average house rent: $2,403
% of median income needed for new rental: 27.1%
New renter income needed: $77,490
37. Seattle
Average house value: $791,419
% of median income needed for new home: 47.7%
New homeowner income needed: $187,811
Average house rent: $3,256
% of median income needed for new rental: 22.3%
New renter income needed: $87,663
38. Chicago
Average house value: $364,809
% of median income needed for new home: 34.4%
New homeowner income needed: $109,551
Average house rent: $2,479
% of median income needed for new rental: 27.4%
New renter income needed: $87,193
39. New Orleans
Average house value: $259,197
% of median income needed for new home: 36.3%
New homeowner income needed: $79,768
Average house rent: $1,852
% of median income needed for new rental: 29.3%
New renter income needed: $64,412
40. Sacramento, California
Average house value: $589,202
% of median income needed for new home: 42%
New homeowner income needed: $146,526
Average house rent: $2,768
% of median income needed for new rental: 25.5%
New renter income needed: $88,991
41. Tampa, Florida
Average house value: $373,602
% of median income needed for new home: 34.87%
New homeowner income needed: $96,738
Average house rent: $2,367
% of median income needed for new rental: 28.7%
New renter income needed: $79,515
42. Providence, Rhode Island
Average house value: $527,725
% of median income needed for new home: 46.9%
New homeowner income needed: $134,343
Average house rent: $3,175
% of median income needed for new rental: 29.7%
New renter income needed: $85,093
43. Riverside, California
Average house value: $595,156
% of median income needed for new home: 46%
New homeowner income needed: $147,681
Average house rent: $3,098
% of median income needed for new rental: 31.1%
New renter income needed: $99,715
44. Boston
Average house value: $770,871
% of median income needed for new home: 44.7%
New homeowner income needed: $187,064
Average house rent: $3,733
% of median income needed for new rental: 30.1%
New renter income needed: $125,934
45. San Francisco
Average house value: $1,238,763
% of median income needed for new home: 59.3%
New homeowner income needed: $283,677
Average house rent: $4,030
% of median income needed for new rental: 26.4%
New renter income needed: $126,455
46. San Diego
Average house value: $1,010,472
% of median income needed for new home: 59.5%
New homeowner income needed: $230,316
Average house rent: $4,051
% of median income needed for new rental: 29.9%
New renter income needed: $115,596
47. Miami
Average house value: $564,508
% of median income needed for new home: 46.9%
New homeowner income needed: $133,784
Average house rent: $3,303
% of median income needed for new rental: 37.4%
New renter income needed: $106,607
48. San Jose, California
Average house value: $1,796,338
% of median income needed for new home: 66.9%
New homeowner income needed: $392,623
Average house rent: $4,462
% of median income needed for new rental: 23.6%
New renter income needed: $138,788
49. Los Angeles
Average house value: $1,029,467
% of median income needed for new home: 69.2%
New homeowner income needed: $235,938
Average house rent: $4,408
% of median income needed for new rental: 33.9%
New renter income needed: $115,796
50. New York
Average house value: $739,312
% of median income needed for new home: 56.4%
New homeowner income needed: $198,014
Average house rent: $3,700
% of median income needed for new rental: 38.1%
New renter income needed: $133,486
Methodology: For this study, MoneyLion analyzed the largest 50 housing markets according to Zillow to find the affordability for new homeowners and new renters. First MoneyLion isolated the top 50 housing markets by size rank from Zillow Home Value Index. The average house value and the total monthly payment was sourced from Zillow Home Value Index for March 2026. The average rent for a house was sourced from Zillow Observed Rental Index. The percentage of income needed to own or rent, plus income needed, were also sourced from Zillow Research Data . All data is up to date as of April 20, 2026.
This article was provided by MoneyLion.com for informational purposes only and should not be construed as financial, legal or tax advice.
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