Affordability isn’t just about income. It’s about what that income buys you.
When the new (2020-2024) file lands, I end up doing the same thing every time. I look for the places where the housing math still works. Not perfectly. Not magically. Just... where the gap between paychecks and prices hasn’t completely blown out.
This is a map-scan and a shortlist builder. It finds metros where home values and rents are low relative to household income, then points you to the real work (neighborhoods, jobs, schools, insurance, taxes, commuting) with a smaller set of candidates.
What this is (and isn’t)
The estimates combine responses across 2020-2024. That makes them one of the best public sources we have for metro-level comparisons, but it also means they move slowly.
I treat this like a time-lapse, not breaking news.
And it’s not a full cost-of-living index. Housing is the biggest line item for most households, but taxes, childcare, transportation, and insurance can dominate depending on your situation. Use this as a shortlist, not a verdict.
The quick answer
I filtered to with population ≥ 250K (about 196 metros), then ranked them two ways:
- Home value ÷ income: median home value divided by median household income (lower is better).
- Rent ÷ income (annual): annualized median rent (rent × 12) divided by median household income (lower is better).
These are median-of-medians comparisons. Useful for scanning the map. Not precise enough to settle an argument about a specific neighborhood.
Top 10 metros by home value ÷ income
(metros in this set): 3.71× · : 4.12×
If you only look at one ratio, look at this one. It’s the simplest “how detached is the housing market from local incomes?” read I know how to do with one line of math.
Swipe to scroll
| Rank | Metro | Population | Median income | Median home value | Home value ÷ income | Median rent | Rent ÷ income (annual) | Rent-burdened (≥30%) |
|---|---|---|---|---|---|---|---|---|
| 1 | Peoria, IL | 363.1K | $77.8K | $168.2K | 2.16× | $959 | 14.8% | 42.7% |
| 2 | Rockford, IL | 335.4K | $71.1K | $165K | 2.32× | $1.1K | 18.0% | 47.9% |
| 3 | Syracuse, NY | 660.6K | $78.1K | $191.2K | 2.45× | $1.1K | 16.7% | 48.5% |
| 4 | Huntington-Ashland, WV-KY-OH | 371.7K | $61.6K | $153.4K | 2.49× | $866 | 16.9% | 47.0% |
| 5 | Beaumont-Port Arthur, TX | 397.7K | $67.4K | $169.1K | 2.51× | $1.1K | 20.0% | 49.8% |
| 6 | Utica-Rome, NY | 289.5K | $71K | $178.2K | 2.51× | $937 | 15.8% | 44.1% |
| 7 | Davenport-Moline-Rock Island, IA-IL | 380.7K | $75.6K | $190.9K | 2.52× | $958 | 15.2% | 44.7% |
| 8 | Youngstown-Warren, OH | 417.6K | $58.6K | $148.1K | 2.53× | $812 | 16.6% | 46.9% |
| 9 | Brownsville-Harlingen, TX | 425.7K | $54.1K | $138.8K | 2.57× | $932 | 20.7% | 50.2% |
| 10 | McAllen-Edinburg-Mission, TX | 891.9K | $54.7K | $141K | 2.58× | $931 | 20.4% | 49.0% |
Home value ÷ income (top 10 metros, pop ≥ 250K)
Peer median 3.7× • US 4.1×
2.2×
2.3×
2.4×
2.5×
2.5×
2.5×
2.5×
2.5×
2.6×
2.6×
Top 10 metros by rent ÷ income
(metros in this set): 19.7% · : 21.0%
Rent is where the squeeze shows up first for a lot of people. And even in places that look “cheap” on paper, rent burden can stay stubbornly high.
Swipe to scroll
| Rank | Metro | Population | Median income | Median home value | Home value ÷ income | Median rent | Rent ÷ income (annual) | Rent-burdened (≥30%) |
|---|---|---|---|---|---|---|---|---|
| 1 | Cedar Rapids, IA | 276.6K | $81.9K | $216.5K | 2.64× | $949 | 13.9% | 40.9% |
| 2 | Sioux Falls, SD-MN | 296.5K | $84.2K | $301.6K | 3.58× | $1K | 14.6% | 40.0% |
| 3 | Green Bay, WI | 338.3K | $82.6K | $263.6K | 3.19× | $1K | 14.6% | 39.7% |
| 4 | Peoria, IL | 363.1K | $77.8K | $168.2K | 2.16× | $959 | 14.8% | 42.7% |
| 5 | Des Moines-West Des Moines, IA | 731.5K | $91.7K | $277.9K | 3.03× | $1.1K | 14.9% | 43.4% |
| 6 | Fargo, ND-MN | 260.3K | $79.8K | $290.3K | 3.64× | $1K | 15.1% | 41.9% |
| 7 | Davenport-Moline-Rock Island, IA-IL | 380.7K | $75.6K | $190.9K | 2.52× | $958 | 15.2% | 44.7% |
| 8 | Utica-Rome, NY | 289.5K | $71K | $178.2K | 2.51× | $937 | 15.8% | 44.1% |
| 9 | Pittsburgh, PA | 2.4M | $80.2K | $231.7K | 2.89× | $1.1K | 16.0% | 43.1% |
| 10 | Canton-Massillon, OH | 391.9K | $68.3K | $181.1K | 2.65× | $916 | 16.1% | 41.4% |
Rent ÷ income (annual, top 10 metros, pop ≥ 250K)
Peer median 19.7% • US 21.0%
13.9%
14.6%
14.6%
14.8%
14.9%
15.1%
15.2%
15.8%
16.0%
16.1%
How to read this (before you pack boxes)
- % matters. Even “affordable” metros can have a lot of renters paying 30%+ of income toward rent.
- Housing stock differs. Low median home values can reflect older homes, slower growth, or fewer high-end sales.
- Metros vary in shape. CBSAs can include a wide mix of city + suburb + exurb.
Explore your metro
- Browse metros: /metros
- Example: Peoria, IL
Methodology & sources
- Income, home values, and rent: U.S. Census Bureau, ACS 5-year (data year 2024).
- Metro definitions: Census Bureau / OMB Core Based Statistical Areas (CBSAs).
- Filters: Metropolitan Statistical Areas with population ≥ 250K.
- Caveats: This is not a full cost-of-living index. Use this as a shortlist, not a verdict.
Closing thought
I like rankings, but I care about what they help us notice.
Housing is the biggest line item in most budgets. In a lot of the country, it’s been pulling away from income for years. This list is a small set of places where that relationship still looks relatively intact.
If you’re curious, pick a metro you know well and compare it to the peer median. Sometimes the story is exactly what you expect. Sometimes it isn’t.