Realtor.com released its first Metro Affordability & Homebuilding Report Cards on Sept. 16, grading the 100 largest US metros on housing affordability and homebuilding. Des Moines, Iowa, took the top spot with an A+ and a score of 83.4 out of 100, narrowly ahead of Raleigh, North Carolina, at 82.8 and Columbia, South Carolina, at 75.3.
That doesn’t mean Des Moines has the cheapest homes in America. The ranking rewards markets where local incomes stretch further and builders are adding enough homes to give buyers more options — a useful combination for agents working with relocation clients or buyers whose budgets give them some geographic flexibility.
Why Des Moines ranks first
The report gives equal weight to affordability and homebuilding. Affordability reflects mortgage costs relative to local incomes and how much inventory households at different income levels can reach. Homebuilding accounts for residential permitting and the price gap between new and existing homes.
Des Moines posted a median listing price of $349,903, with the modeled payment on a median-priced home consuming 27.5% of median household income. Its permit-to-population ratio was 1.85, meaning the metro permitted considerably more housing than its share of the US population alone would suggest.
The report was published in 2026 but relies primarily on 2025 listing, income, population, and permitting data. For a more current look at mortgage burden, the NAHB/Wells Fargo Cost of Housing Index uses second-quarter 2026 data to measure how much of median family income is needed for the mortgage payment on a median-priced home.
The affordability gap is still enormous
Under NAHB’s latest figures, a typical family buying a median-priced existing home in San Jose needed 82% of its income for the modeled payment. San Francisco came in at 71%, Honolulu at 70%, San Diego at 68%, and Naples, Florida, at 60%.
At the other end, Decatur, Illinois, required just 16% of median family income. Elmira, New York, followed at 17%, Peoria at 18%, and Springfield and Davenport-Moline-Rock Island at 20%.
The middle of the market isn’t especially comfortable, either. Of the 175 metros tracked, eight were severely cost-burdened and another 77 required between 31% and 50% of median family income for the modeled payment. Only 90 came in at or below the 30% threshold.
Where buyers still have more room
The newer 100-metro ranking favors larger markets that pair relative affordability with active construction. After Des Moines, Raleigh, and Columbia, the top 10 included Houston, Indianapolis, Austin, Jacksonville, Oklahoma City, Palm Bay, and Columbus.
Change the methodology and the leader changes with it. Zillow’s August analysis found that 59.1% of Buffalo listings were affordable to a typical household using June 2026 inventory, the largest share among the markets it examined. St. Louis followed at 58.3% and Pittsburgh at 57.4%.
For agents, the rankings answer different questions. One market may stand out because prices line up with local incomes, another because more listings fall within reach, and another because builders are replenishing supply.
What agents should bring back to clients
A ranking can narrow the map, but it can’t replace the buyer’s actual numbers. Income, down payment, mortgage rate, taxes, insurance, debts, and neighborhood-level inventory can quickly turn a seemingly affordable metro into a difficult fit — or make a higher-priced one workable.
New construction adds another wrinkle. Buyers weighing resale against a new home should account for builder incentives and mortgage-rate buydowns, while relocation clients may find that buying conditions shift by season and market, as seen in The Close’s recent look at the best week to buy a house in 2026.
Des Moines may sit at the top of the newest national ranking, but the better client conversation starts one level deeper. The market that works is the one where a buyer’s financing lines up with the homes they can actually buy.