A new analysis by Homes for Heroes indicates that households led by teachers, healthcare workers, firefighters, law enforcement professionals, military service members, and veterans—termed 'hero households'—are better positioned to purchase homes than the average U.S. household. The study found that hero households can afford the median-priced home in 39 of the nation's 50 largest metropolitan areas, a stark contrast to the typical U.S. household, which can only afford a median-priced home in one of these markets.
The researchers based their findings on a comparison of hero household incomes against the income required to purchase a median-priced home, considering factors such as home prices, mortgage rates, property taxes, homeowners insurance, and a 3% down payment. Amit Kulkarni, interim CEO of Homes for Heroes, noted that while homeownership is out of reach for many, hero households remain strong contenders due to stable careers and incomes.
The report highlights that the most affordable markets for hero households are predominantly located in the Midwest and Great Lakes regions, where lower home prices align more closely with incomes. Pittsburgh was identified as the most affordable metro for teachers, healthcare professionals, and first responders, while Buffalo led for military members and veterans. Other affordable markets include Detroit, Cleveland, Indianapolis, and St. Louis.
Conversely, high-cost coastal areas present the most significant affordability challenges. Los Angeles was found to be the least affordable for teachers and healthcare professionals, while San Jose ranked last for fire and law enforcement professionals and military households. San Francisco, San Diego, and New York also appeared among the least affordable markets.
The analysis also revealed specific difficulties for younger hero professionals and single-income households. Among hero households with a head under 35, only five major metro areas were affordable for teachers and healthcare professionals. Single-income teachers and healthcare professionals earning median wages could not afford the median-priced home in any of the 50 largest metro areas. Fire and law enforcement professionals and military personnel could only qualify as single-income buyers in a few markets like Buffalo, Pittsburgh, and Detroit. Kulkarni emphasized that these findings underscore the need for expanded housing affordability to allow essential workers to reside in the communities they serve.
