Americans need to earn nearly $108,000 a year to afford a single-family home in most cities now, according to a new economics report. Oxford Economics revealed this week that a household in 2024 needs an average annual income of $107,700 to afford a new single-family home, including property taxes and home insurance. Housing costs in those cities ranged from $64,600 to $75,300, with approximately half of households in these areas earning enough to afford a home. The most affordable cities from the study were Decatur, Illinois; Cumberland, Maryland; Youngstown, Ohio; Charleston, West Virginia; and Elmira, New York. Nearly two-thirds of households could afford a single-family home in these cities.