Amid Soaring Living Costs, New Study Reveals the Most Affordable U.S. Metros

Toledo, Ohio, is the best city for Americans looking to maximize savings, while San Diego is the priciest.

ST. LOUIS, Oct. 1, 2024 /PRNewswire/ -- Toledo, Ohio, is the overall most affordable city in the U.S., with the best home-value-to-income ratio and second-lowest home values, according to new research from Clever Real Estate, a St. Louis-based real estate company.

The study ranked 100 of the most populous U.S. metros on affordability by evaluating home values, rent prices, household incomes, homeowners insurance costs, tax rates, and more.

Toledo and Pittsburgh tied for the best home-buying affordability ratios (the median home value divided by median household income), meaning residents can purchase homes at prices aligned with the median income. Both cities have a ratio of 3.1, which is 36% below the national average of 4.8.

Even more, Toledo boasts the second-lowest median home value of $190,669, about half the typical nationwide home value of $362,481.

McAllen, Texas, has the lowest typical home value at $185,120. In stark contrast, San Diego, the least affordable metro, has a median home value of $952,865, with homes priced at approximately 9.6 times the median household income.

Unsurprisingly, California is the least affordable state, with eight metros among the 15 least affordable. Ohio is the most affordable state, with three metros in the top 15 and all major Ohio metros falling in the top third of the rankings.

The 15 most affordable U.S. metros are:

1. Toledo, OH
2. Wichita, KS
3. Little Rock, AR
4. Akron, OH
5. Pittsburgh, PA
6. St. Louis, MO
7. Scranton, PA
8. Des Moines, IA
9. Oklahoma City, OK
10. Jackson, MS
11. Baton Rouge, LA
12. Birmingham, AL
13. Augusta, GA
14. Louisville, KY
15. Cleveland, OH

The Midwest led the rankings with three of the top five most affordable metros, while the South secured seven of the top 15 spots.

In the Northeast, only Pittsburgh and Scranton, PA, managed to break into the top 15, and no Western cities appear on the most affordable list.

The 15 least affordable U.S. metros are:

1. San Diego, CA
2. Los Angeles, CA
3. New York City, NY
4. Oxnard, CA
5. Boston, MA
6. Miami, FL
7. Riverside, CA
8. Bridgeport, CT
9. San Francisco, CA
10. San Jose, CA
11. Honolulu, HI
12. Providence, RI
13. North Port, FL
14. Sacramento, CA
15. Stockton, CA

Read the full report at: https://listwithclever.com/research/most-affordable-places-to-live-in-the-us-2024

About Clever Real Estate
Clever Real Estate is a technology company that produces educational real estate content reaching over 10 million readers annually, and its nationwide agent matching service has a 5.0-star Trustpilot rating across 3,000+ customer reviews. Since launching in 2017, Clever has reached $11.4 billion in real estate sold, matched 138,000+ customers with realtors, and saved consumers over $170 million on commission fees. Clever's network spans 15,000 agents across all 50 states.

Please contact Nicole Lehman at [email protected] with any questions or to arrange an interview.

CONTACT: 
Nicole Lehman
Clever Real Estate
[email protected] 
724-719-0406

SOURCE Clever Real Estate