Money

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

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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.

Abilene, Texas

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

Bloomington, Illinois

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

Buffalo, New York

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

Buffalo, New York
Richard Cummins | Getty Images
Cedar Rapids, Iowa

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

Charleston, West Virginia

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

Cleveland, Ohio

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

Cleveland, Ohio
Source: This Is Cleveland
El Paso, Texas

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

Erie, Pennsylvania

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

Fort Wayne, Indiana

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

Fort Wayne, Indiana
DenisTangneyJr | Reuters
Lexington, Kentucky

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

Montgomery, Alabama

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

Oklahoma City, Oklahoma

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

Oklahoma City, OK.
Ray Hendley/Getty Images
Rochester, New York

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

Springfield, Illinois

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

Topeka, Kansas

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

Don't miss: Americans are flocking to these 15 cities where jobs are plentiful, salaries are rising and business is booming

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