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Only two of the 50 largest U.S. cities are affordable for first-time home buyers, according to a new analysis that weighs average list prices against local incomes.
The report on first-time home buyer affordability, released this month by the personal finance site NerdWallet, invokes an old rule of thumb: First-time buyers should budget to purchase a home priced at no more than three times their household income.
That rule may seem unrealistic. But two cities, Pittsburgh and Cleveland, have enough affordable housing that average list prices total less than three times the median household incomes for younger adults in those cities.
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