Housing expenses are a significant burden for many Americans, consuming a large portion of their income. However, U.S. News identifies cities like Detroit as havens for affordable housing, where homeowners spend just 17% of their income on housing expenses, markedly lower than the national average of 36%. This analysis reveals that several Midwestern cities, particularly in the Rust Belt, provide similar advantages, contrasting sharply with expensive markets like Boston, where first-time buyers allocate a staggering 66% of their income to housing.
Detroit, the most undervalued housing market, sees typical homeowners spending only 17% of their income on housing, significantly less than the national average of 36%.
U.S. News defines an undervalued housing market as one where households spend substantially less on housing as a percentage of income compared to the national average.
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