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Cities to Buy US Property with a Salary Under $60,000

While US property is becoming more expensive by the month, there are still places where a salary under $60,000 can still purchase a home.

Those overseas property investors looking to move to America and buy US property with a US mortgage, CNBC Make It have identified 15 cities where the qualifying income to purchase a home with a 10 per cent or 20 per cent down payment is an annual salary of $60,000 or less.

The research is based on data from the National Association of Realtors’ Metropolitan Median Area Prices and Affordability index from the second quarter of 2019.

The data assumes a 4.1 per cent mortgage rate for all areas and a monthly principal and interest payment limited to 25 per cent of a resident’s income.

See below the 15 cities where you can become a property owner in the US while earning $60,000 a year or less, ranked from lowest median home price to highest.

Cleveland, Ohio

Salary required with a 10 per cent down payment: $35,612

Income required with a 20 per cent down payment: $31,655

Median home price: $169,000

St. Louis, Missouri

Salary required with a 10 per cent down payment: $41,049

Income required with a 20 per cent down payment: $36,488

Median home price: $194,800

Lincoln, Nebraska

Salary required with a 10 per cent down payment: $42,103

Income required with a 20  per cent down payment: $37,424

Median home price: $199,800

Baton Rouge, Louisiana

Salary required with a 10 per cent down payment: $46,633

Income required with a 20 per cent down payment: $41,452

Median home price: $221,300

San Antonio, Texas

Salary required with a 10 per cent down payment: $50,321

Income required with a 20 per cent down payment: $44,730

Median home price: $238,800

Atlanta, Georgia

Salary required with a 10 per cent down payment: $50,510

Income required with a 20 per cent down payment: $44,898

Median home price: $239,700

Houston, Texas

Salary required with a 10 per cent down payment: $52,554

Salary required with a 20 per cent down payment: $46,715

Median home price: $249,400

Philadelphia, Pennsylvania

Salary required with a 10 per cent down payment: $53,566

Income required with a 20 per cent down payment: $47,614

Median home price: $254,200

Jacksonville, Florida

Salary required with a 10 per cent down payment: $53,734

Income required with a 20 per cent down payment: $47,764

Median home price: $255,000

Spokane, Washington

Salary required with a 10 per cent down payment: $55,968

Income required with a 20 per cent down payment: $49,749

Median home price: $265,600

Charlotte, North Carolina

Salary required with a 10 per cent down payment: $56,074

Income required with a 20 per cent down payment: $49,843

Median home price: $266,100

Dallas, Texas

Salary required with a 10 per cent down payment: $58,033

Income required with a 20 per cent down payment: $51,585

Median home price: $275,400

Nashville, Tennessee

Salary required with a 10 per cent down payment: $58,328

Income required with a 20 per cent down payment: $51,847

Median home price: $276,800

Orlando, Florida

Income required with a 10 per cent down payment: $58,581

Income required with a 20 per cent down payment: $52,072

Median home price: $278,000

Milwaukee, Wisconsin

Income required with a 10 per cent down payment: $58,602

Income required with a 20 per cent down payment: $52,091

Median home price: $278,100

 

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