15 US cities where you can afford to buy a home if you earn less than $40,000 a year

If you want to become a homeowner, you don't need to earn six figures. But you may need to live in the right place.

Using the National Association of Realtors' Metropolitan Median Area Prices and Affordability and Housing Affordability index from the second quarter of 2018, CNBC Make It identified 15 cities where the qualifying income to purchase a home with a 10 or 20 percent down payment is an annual salary of $40,000 or less.

The data assumes a 4.7 percent mortgage rate for all areas and a monthly principal and interest payment limited to 25 percent of a resident's income.

While buyers may still need to pay down debt, save up cash and qualify for a mortgage, the bottom line is that buying a home on a middle-class salary is still possible — in some places.

Below, check out 15 cities where you can become a homeowner while earning $40,000 a year or less.

Salary required with a 10 percent down payment: $37,827
Salary required with a 20 percent down payment: $33,624
Median home price: $167,200

Salary required with a 10 percent down payment: $35,723
Salary required with a 20 percent down payment: $31,754
Median home price: $157,900

Salary required with a 10 percent down payment: $33,732
Salary required with a 20 percent down payment: $29,984
Median home price: $149,100

Salary required with a 10 percent down payment: $36,922
Salary required with a 20 percent down payment: $32,820
Median home price: $163,200

Salary required with a 10 percent down payment: $32,035
Salary required with a 20 percent down payment: $28,476
Median home price: $141,600

Salary required with a 10 percent down payment: $34,660
Salary required with a 20 percent down payment: $30,809
Median home price: $153,200

Salary required with a 10 percent down payment: $35,271
Salary required with a 20 percent down payment: $31,352
Median home price: $155,900

Salary required with a 10 percent down payment: $27,533
Salary required with a 20 percent down payment: $24,474
Median home price: $121,700

Salary required with a 10 percent down payment: $32,805
Salary required with a 20 percent down payment: $29,160
Median home price: $145,000

Salary required with a 10 percent down payment: $39,524
Salary required with a 20 percent down payment: $35,132
Median home price: $174,700

Salary required with a 10 percent down payment: $32,963
Salary required with a 20 percent down payment: $29,300
Median home price: $145,700

Salary required with a 10 percent down payment: $37,216
Salary required with a 20 percent down payment: $33,081
Median home price: $164,500

Salary required with a 10 percent down payment: $34,366
Salary required with a 20 percent down payment: $30,547
Median home price: $151,900

Salary required with a 10 percent down payment: $31,266
Salary required with a 20 percent down payment: $27,792
Median home price: $138,200

Salary required with a 10 percent down payment: $31,515
Salary required with a 20 percent down payment: $28,013
Median home price: $139,300

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