High school buyers

Higher degrees usually come with higher earnings, but it turns out they’re not a must for buying a home. In fact, according to a new analysis, a high school diploma provides enough income to afford housing in nearly three-quarters of the country’s largest cities.

Check your new rate (August 22, 2021)

The degree you need

According to a Zillow’s new analysis, high school graduates earn enough to afford a median-priced home in 36 of the country’s 50 largest subways.

This includes homes in cities like Las Vegas; Austin, Dallas and Houston, Texas; Nashville; Atlanta; Orlando Florida; Philadelphia Cream; Pittsburgh; and Saint-Louis. In Oklahoma City, even a degree isn’t necessary to earn enough money to afford a house.

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According to Zillow data analyst Manny Garcia, this increased affordability is due to falling mortgage rates.

“A mortgage on a typical American house consumed only 16.8% of the country’s median household income in the first quarter, down from 17.6% in the fourth quarter of 2018 and below the average of 21% from 1985 to 1999 “Garcia said. “All of these ratios fall well short of the long-standing rule of thumb that housing should cost no more than 30% of a household’s income.”

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Higher education home buyers

In nine cities, residents need partner income to afford a home with the median mortgage payment. These include places like Boston; Denver; Portland, Oregon; Miami; New York; Sacramento and Riverside, California; Salt Lake City; and Washington, DC

In some cities, primarily those along the high-priced west coast, homebuyers need a graduate degree such as a doctorate, master’s or doctorate in law to afford a home. San Jose, San Francisco and Los Angeles in California, for example, are among these cities.

In Seattle and San Diego, residents have the same difficulty. They need the income associated with a bachelor’s degree to buy a house at the median price.

Check your new rate (August 22, 2021)

Get today’s mortgage rates

Are you planning to buy a home on one of the most affordable subways in the country? Then shop around and see what mortgage rates you qualify for today.

Check your new rate (August 22, 2021)