Homebuying Affordability Is Improving in These 11 Places

The income needed to afford a typical U.S. home is $112,131, slightly up from last year, but has fallen in 11 major metros, mostly Sun Belt cities, due to declining home prices and increased inventory. Meanwhile, affordable Midwest metros like Detroit and Cleveland see rising income requirements as prices climb. The typical household spends 39% of income on housing, down from 40.5%, with about 35% of homes affordable nationwide.