Feb 25, 2025 05:09 PM IST
The purchasing power of Americans to afford a large home has seen a significant decline of 31.7 per cent since Covid pandemic.
If you live in the US and have a $50,000 salary, there are 37 cities where you can afford a large house, a figure that used to be 564 just five years ago.
Among those 37 cities, Clarksdale in Mississippi ranks on top where one can afford a median of 2,642 square feet in the above-mentioned salary, according to a report by news aggregator Digg which cited data from US real estate company HomeAbroad.
Also Read: ‘Get it built – NOW!’: Donald Trump wants the Canada Keystone XL Oil Pipeline project to be resumed
This ranking comes with HomeAbroad using cost of living and home sale price data to calculate the size of home a $50,000 salary could realistically afford across over 900 US cities.
After Clarksdale comes Canton, Illinois with a median of 2,481 square feet, and Forrest City, Arkansas with 2,374 square feet.
Most cities in US Midwest
Over half of these 37 cities where a large house can be realistically affordable for this salary bracket are in the US Midwest, followed by the South, which calls itself home to 22 per cent of these cities.
Also Read: Unilever’s Hein Schumacher steps down as CEO and director, CFO Fernando Fernandez to take his place
Meanwhile, the smallest houses are found in Nantucket, Massachusetts.
Over there, the median property which can be afforded on a $50,000 salary, measures a very tiny 97 square feet, according to the report.
As mentioned earlier, things were completely different five years back in the year 2020.
At that time, homebuyers who were earning a salary of $50,000 could afford a house worth up to $239,935, the report read.
Also Read: Prominent SpaceX engineer who worked on Starlink is leaving the company
This figure drastically fell by 31.7 per cent by 2025 to an average of just $163,806, showcasing several aspects such as the damage the Covid pandemic did to the economy, among others.
Recommended Topics
