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First Time Homebuyers, Take Note: This List Shows the Best Cities to Buy

Even with housing prices soaring, you can still find an affordable home if you know where to look.

After taking a tough tumble in 2020 due to the global pandemic, the housing market has seen a solid recovery this year. But that is bad news for people looking to buy their first home, as the median home price for a home in August 2021 jumped nearly 15% to $356,700 compared to the same time last year, according to the National Association of Realtors.

Despite the seller-friendly market, there are still plenty of places in the U.S. where you can find a quality home at an affordable price. Where? Well, Forbes Advisor compiled a list of the most affordable cities for first-time homebuyers.

To discover the best cities, Forbes Advisor looked at cities where the average wage is enough to afford a median-priced, single-family home. So if you’re looking to maybe make a move to say Georgia or Michigan — two states that are absolutely represented on this list — there are some great locales to consider if you’re looking for affordability of homes at millennial-level wages. And remember, no matter what you do, home buying is still pretty tough right now.

The 10 Most Affordable Places for Average-wage Earners

  1. Macon, Georgia
    -Median sales price of single-family home: $104,750
    -Average annualized weekly wages: $47,918
  2. Peoria, Illinois
    -Median sales price of single-family home: $124,950
    -Average annualized weekly wages: $64,272
  3. Detroit-Warren-Dearborn, MI
    -Median sales price of single-family home: $155,000
    -Average annualized weekly wages: $67,756
  4. Augusta, Georgia
    -Median sales price of single-family home: $132,000
    -Average annualized weekly wages: $51,207
  5. Charleston, West Virginia
    -Median sales price of single-family home: $138,500
    -Average annualized weekly wages: $51,883
  6. St. Louis, Missouri
    -Median sales price of single-family home: $175,000
    -Average annualized weekly wages: $67,470
  7. Saginaw, Michigan
    -Median sales price of single-family home: $125,500
    -Average annualized weekly wages: $50,804
  8. Montgomery, Alabama
    -Median sales price of single-family home: $151,770
    -Average annualized weekly wages: $51,467
  9. Lake Charles, Louisiana
    -Median sales price of single-family home: $173,000
    -Average annualized weekly wages: $55,081
  10. Atlanta-Sandy Springs-Roswell, Georgia
    -Median sales price of single-family home: $180,000
    -Average annualized weekly wages: $60,333

Forbes Advisor also compiled two other lists, based around the most affordable cities for people who work-from-home (turns out Ohio is fantastic for remote workers) and the most affordable cities for people who are looking to buy a condo instead of a home. You can see both lists here.