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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