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Americans flock to where they can buy a home on a $60,000 salary

CNBC logo CNBC 1/3/2019 Emmie Martin

Though many U.S. cities are plagued by high housing prices and relatively stagnant wages , others are flourishing: jobs are plentiful, salaries are rising and business is booming.

To determine which thriving cities are also affordable housing markets, CNBC Make It looked at personal finance site MagnifyMoney's list of America's biggest "boomtowns" to see which U.S. cities offer job opportunities, prosperous businesses and an abundance of places to live.

We then compared that list to the National Association of Realtors' Metropolitan Median Area Prices and Affordability and Housing Affordability index from the third quarter of 2018. The index 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. Note that this does not include homeowner's insurance and property taxes, which vary from market to market.

Related video: Here's how much house you can afford on your salary

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From there, CNBC Make It identified 10 "boomtown" cities where the qualifying income to purchase a home with a 10 or 20 percent down payment is an annual salary of $60,000 or less.

They are:

Charlotte, North Carolina

Salary required with a 10 percent down payment: $56,074

Salary required with a 20 percent down payment: $49,844

Median home price: $245,000

Dallas, Texas

Salary required with a 10 percent down payment: $59,988

Salary required with a 20 percent down payment: $53,322

Median home price: $262,100

Des Moines, Iowa

Salary required with a 10 percent down payment: $47,651

Salary required with a 20 percent down payment: $42,357

Median home price: $208,200

El Paso, Texas

Salary required with a 10 percent down payment: $36,208

Salary required with a 20 percent down payment: $32,185

Median home price: $158,200

Fort Myers, Florida

Salary required with a 10 percent down payment: $57,218

Salary required with a 20 percent down payment: $50,861

Median home price: $250,000

Grand Rapids, Michigan

Salary required with a 10 percent down payment: $45,660

Salary required with a 20 percent down payment: $40,587

Median home price: $199,500

Houston, Texas

Salary required with a 10 percent down payment: $54,975

Salary required with a 20 percent down payment: $48,867

Median home price: $240,000

New Orleans, Louisiana

Salary required with a 10 percent down payment: $49,437

Salary required with a 20 percent down payment: $43,944

Median home price: $216,000

Oklahoma City, Oklahoma

Salary required with a 10 percent down payment: $37,695

Salary required with a 20 percent down payment: $33,507

Median home price: $164,700

San Antonio, Texas

Salary required with a 10 percent down payment: $53,053

Salary required with a 20 percent down payment: $47,158

Median home price: $231,800


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