The Definitive Guide to Buying Your First Home

The 6 US cities where it's easiest to buy a home on an average salary

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Twenty20

In cities such as San Francisco and New York, it can take decades of saving to be able to afford a down payment on a home, according to new data from home co-investment company Unison.

But in other places, that time drops significantly.

In its 2019 Home Affordability Report, Unison calculated how long it would take to save enough for a 20% down payment in various cities across the U.S. based on the median income and median home values in each place. To determine how many years you'd need to save, Unison assumed a savings rate of 5% of your gross income per year.

From that data, a handful of cities stood out as the most affordable for the average worker: "Among major cities in the U.S., these six areas have the most favorable home value to income balance, making home ownership relatively more affordable for a typical wage earner," the report says.

Below, check out how long it would take to afford a down payment in the six U.S. cities where it's easiest to buy a home on an average salary, ranked from longest to shortest period of time.

Louisville, Kentucky

Number of years it takes to save for a 20% down payment: 12
Median home value: $164,291
Median household income: $52,761

Indianapolis, Indiana

Number of years it takes to save for a 20% down payment: 12
Median home value: $137,442
Median household income: $44,860

Indianapolis, Indiana
Chris Howe | Getty Images

Kansas City, Missouri

Number of years it takes to save for a 20% down payment: 12
Median home value: $155,853
Median household income: $52,585

Columbus, Ohio

Number of years it takes to save for a 20% down payment: 12
Median home value: $151,208
Median household income: $51,526

A view of downtown Columbus, Ohio, and the Scioto Mile looking north into the city.
Sean Reid | iStock | Getty Images

Wichita, Kansas

Number of years it takes to save for a 20% down payment: 11
Median home value: $130,423
Median household income: $48,830

Detroit, Michigan

Number of years it takes to save for a 20% down payment: 7
Median home value: $51,223
Median household income: $28,617

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Don't miss: The salary you need to earn to be able to afford a home in 15 major US cities

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Don't make this mistake if you want to buy a home without a huge down payment
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