Money

10 big cities where you can actually afford to buy a home

Pittsburgh, Pennyslvania
J. Altdorfer Photography | Getty Images

In 1940, the median home value in the U.S. was just $2,938. Today, the median has risen to more than $200,000. And, if you want to settle down in California, that price can reach over $469,000, according to Zillow.

So if you want to become a homeowner without going broke, the solution is often found in the location. Whether it's choosing a lesser-known neighborhood or opting out of big city life in favor of a small town, where you choose to buy makes all the difference.

But if you dream of owning a home without sacrificing the amenities of a big city, you're in luck. SmartAsset analyzed data for every U.S. city with a population greater than 200,000 to find the most affordable large cities across the country. Each city was ranked according to SmartAsset's affordability index, which looks at closing costs, real estate taxes, insurance rates and mortgage rates.

SmartAsset then found the total cost of these four expenses over five years and converted it to a proportion of the median household income in each city.

Read on to see 10 large cities where it's possible to buy a home without breaking the bank.

10. Garland, Texas

Median income: $51,970
Average annual mortgage payment: $5,537
Annual property tax: $2,617

9. Corpus Christi, Texas

Median income: $50,658
Average annual mortgage payment: $5,443
Annual property tax: $2,338

8. North Las Vegas, Nev.

Median income: $52,511
Average annual mortgage payment: $7,191
Annual property tax: $1,444

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7. Toledo, Ohio

Median income: $33,687
Average annual mortgage payment: $3,703
Annual property tax: $1,558

6. Montgomery, Ala.

Median income: $42,927
Average annual mortgage payment: $5.587
Annual property tax: $484

5. Gilbert, Ariz.

Median income: $82,424
Average annual mortgage payment: $11,523
Annual property tax: $1,780

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4. Pittsburgh, Penn.

Median income: $40,715
Average annual mortgage payment: $4,477
Annual property tax: $1,610

3. Buffalo, N.Y.

Median income: $31,918
Average annual mortgage payment: $3,265
Annual property tax: $1,300

2. Detroit, Mich.

Median income: $25,764
Average annual mortgage payment: $1,999
Annual property tax: $1,473

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1. Fort Wayne, Ind.

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J. Altdorfer Photography | Getty Images
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