1. Pittsburgh, PA
   • Housing payments as a percent of gross pay: 16.4%
   • Monthly principal and interest payment: $1,377
   • Median annual income of new homeowners: $101,000
   • Median property value of homes purchased with conventional loans: $265,000
   • Median loan-to-value: 78.20%
   • Median interest rate: 6.99%
   • Mortgage amount: $207,230
   • Number of conventional mortgages issued in 2023: 38,556
2. Houston-The Woodlands-Sugar Land, TX
   • Housing payments as a percent of gross pay: 17.1%
   • Monthly principal and interest payment: $1,894
   • Median annual income of new homeowners: $133,000
   • Median property value of homes purchased with conventional loans: $365,000
   • Median loan-to-value: 80%
   • Median interest rate: 6.75%
   • Mortgage amount: $292,000
   • Number of conventional mortgages issued in 2023: 77,248
3. Detroit-Warren-Dearborn, MI
   • Housing payments as a percent of gross pay: 17.5%
   • Monthly principal and interest payment: $1,228
   • Median annual income of new homeowners: $84,000
   • Median property value of homes purchased with conventional loans: $225,000
   • Median loan-to-value: 80%
   • Median interest rate: 7.25%
   • Mortgage amount: $180,000
   • Number of conventional mortgages issued in 2023: 21,380
4. Cleveland-Elyria, OH
   • Housing payments as a percent of gross pay: 17.6%
   • Monthly principal and interest payment: $1,408
   • Median annual income of new homeowners: $96,000
   • Median property value of homes purchased with conventional loans: $265,000
   • Median loan-to-value: 77.95%
   • Median interest rate: 7.24%
   • Mortgage amount: $206,568
   • Number of conventional mortgages issued in 2023: 34,202
5. San Antonio-New Braunfels, TX
   • Housing payments as a percent of gross pay: 17.7%
   • Monthly principal and interest payment: $1,723
   • Median annual income of new homeowners: $117,000
   • Median property value of homes purchased with conventional loans: $345,000
   • Median loan-to-value: 77%
   • Median interest rate: 6.75%
   • Mortgage amount: $265,650
   • Number of conventional mortgages issued in 2023: 29,354
6. St. Louis, MO-IL
   • Housing payments as a percent of gross pay: 17.9%
   • Monthly principal and interest payment: $1,570
   • Median annual income of new homeowners: $105,000
   • Median property value of homes purchased with conventional loans: $295,000
   • Median loan-to-value: 80%
   • Median interest rate: 7%
   • Mortgage amount: $236,000
   • Number of conventional mortgages issued in 2023: 44,987
7. Milwaukee-Waukesha, WI
   • Housing payments as a percent of gross pay: 18%
   • Monthly principal and interest payment: $1,678
   • Median annual income of new homeowners: $112,000
   • Median property value of homes purchased with conventional loans: $345,000
   • Median loan-to-value: 75%
   • Median interest rate: 6.75%
   • Mortgage amount: $258,750
   • Number of conventional mortgages issued in 2023: 29,855
8. Philadelphia-Camden-Wilmington, PA-NJ-DE-MD
   • Housing payments as a percent of gross pay: 18.5%
   • Monthly principal and interest payment: $1,570
   • Median annual income of new homeowners: $102,000
   • Median property value of homes purchased with conventional loans: $315,000
   • Median loan-to-value: 75.01%
   • Median interest rate: 6.99%
   • Mortgage amount: $236,283
   • Number of conventional mortgages issued in 2023: 27,364
9. Cincinnati, OH-KY-IN
   • Housing payments as a percent of gross pay: 18.7%
   • Monthly principal and interest payment: $1,623
   • Median annual income of new homeowners: $104,000
   • Median property value of homes purchased with conventional loans: $305,000
   • Median loan-to-value: 78%
   • Median interest rate: 7%
   • Mortgage amount: $237,908
   • Number of conventional mortgages issued in 2023: 39,875
10. Austin-Round Rock-Georgetown, TX
    • Housing payments as a percent of gross pay: 19.1%
    • Monthly principal and interest payment: $2,549
    • Median annual income of new homeowners: $160,000
    • Median property value of homes purchased with conventional loans: $505,000
    • Median loan-to-value: 79.87%
    • Median interest rate: 6.50%
    • Mortgage amount: $403,351
    • Number of conventional mortgages issued in 2023: 37,476

Data and Methodology

SmartAsset used data from the Home Mortgage Disclosure Act for 2023. The median loan-to-value and property value of conventional mortgages issued in 40 of the largest metro areas were used to determine the median loan size. This loan amount, coupled with the median interest rate issued with corresponding mortgages, was used to determine the monthly principal and interest calculator with SmartAsset's mortgage calculator. This monthly mortgage payment (excluding PMI, property taxes, and home insurance) was then compared with the median incomes of the new homeowners. Metro areas with the lowest income-to-housing-payment ratios were deemed the easiest places to pay off a mortgage.