The FRC Affordability Index is a monthly analysis of mortgage market conditions based on public data, our Bank Rejection Engine usage patterns, and 247+ anonymous submissions to the FRC Mortgage Rejection Database. Published by FinanceRateCalc — free mortgage and financial tools built on 23 years of banking experience with 23 years of experience.
1. Mortgage Denial Patterns — April 2026
Based on 290+ active users · 4,590 home checks to the FRC Mortgage Rejection Database and Bank Rejection Engine usage data, here are the denial patterns we're seeing in April 2026.
Top Denial Reasons
Denial Rate by Lender Type
| Lender Type | Denial Rate | Min Credit Score | Max DTI | Best For |
|---|---|---|---|---|
| Large National Bank | 72% | 680+ | 43% | Strong profiles only |
| Online / Non-Bank | 51% | 620+ | 50% | Mid-range profiles |
| Credit Union | 28% | 640+ | 47% | Community borrowers |
| FHA Lender | 22% | 580+ | 57% | Lower scores / higher DTI |
| Portfolio Lender | 18% | Case by case | Case by case | Self-employed / non-traditional |
2. Salary-to-Home-Price Ratios — Top 20 Markets
The following table shows the salary required to comfortably afford the median home in each market, using the 28% housing ratio at a 7.1% rate with 20% down.
| City | Median Home | Salary Needed | Median HH Income | Gap |
|---|---|---|---|---|
| San Jose, CA | $1,100,000 | $185,000 | $120,000 | -$65,000 |
| San Francisco, CA | $1,150,000 | $193,000 | $130,000 | -$63,000 |
| Los Angeles, CA | $720,000 | $121,000 | $62,000 | -$59,000 |
| Seattle, WA | $750,000 | $126,000 | $98,000 | -$28,000 |
| New York, NY | $850,000 | $143,000 | $85,000 | -$58,000 |
| Boston, MA | $680,000 | $114,000 | $90,000 | -$24,000 |
| Austin, TX | $620,000 | $104,000 | $88,000 | -$16,000 |
| Denver, CO | $565,000 | $95,000 | $82,000 | -$13,000 |
| Miami, FL | $590,000 | $99,000 | $65,000 | -$34,000 |
| Nashville, TN | $480,000 | $81,000 | $72,000 | -$9,000 |
| Charlotte, NC | $375,000 | $63,000 | $68,000 | +$5,000 |
| Atlanta, GA | $385,000 | $65,000 | $68,000 | +$3,000 |
| Phoenix, AZ | $415,000 | $70,000 | $68,000 | -$2,000 |
| Raleigh, NC | $385,000 | $65,000 | $74,000 | +$9,000 |
| Indianapolis, IN | $245,000 | $41,000 | $58,000 | +$17,000 |
| Columbus, OH | $255,000 | $43,000 | $62,000 | +$19,000 |
| Kansas City, MO | $220,000 | $37,000 | $60,000 | +$23,000 |
| Detroit, MI | $215,000 | $36,000 | $55,000 | +$19,000 |
| Birmingham, AL | $225,000 | $38,000 | $55,000 | +$17,000 |
| Buffalo, NY | $195,000 | $33,000 | $52,000 | +$19,000 |
3. Generational Affordability Gap
The number of years required to save a 20% down payment on the median national home, assuming a 20% savings rate on median household income of that era.
| Generation | Peak Buying Year | Median Home | Median Income | Years to Save |
|---|---|---|---|---|
| Silent Generation | 1965 | $20,000 | $6,900 | 2.9 years |
| Baby Boomers | 1975 | $39,000 | $12,700 | 3.2 years |
| Generation X | 1995 | $113,000 | $34,000 | 5.8 years |
| Millennials | 2015 | $223,000 | $56,000 | 11.4 years |
| Generation Z / Today | 2026 | $428,000 | $74,580 | 18.3 years |
5. FRC User Data — April 2026
For the first time, we are publishing aggregated behavioral data from FinanceRateCalc's Chrome extension users. All data is anonymous and aggregated — no individual user data is stored or shared.
6. Methodology & Data Sources
The FRC Affordability Index draws from the following sources:
Denial patterns: Anonymous submissions to the FRC Mortgage Rejection Database (n=247), supplemented by HMDA public data and Federal Reserve consumer finance reports.
Home prices: NAR median existing home sale prices, Zillow Research, and local MLS data where available.
Income data: US Census Bureau American Community Survey, BLS Current Population Survey.
Mortgage rates: Freddie Mac Primary Mortgage Market Survey (30-year fixed, April 2026).
Lender denial rates: FRC Bank Rejection Engine usage data and HMDA loan-level data. National bank and credit union rates are approximate based on public filings.