Saturday, August 23, 2014

27 Cities Ranked According to Housing Affordability

24/7 Wall St reports:

It is an urban legend that all cities with highly affordable housing are those where unemployment rose sharply during the recession, along with those where core industries and services businesses were destroyed in the same period as well. Several old industrial cities do make the list of most affordable markets. The “Share of Income Needed to Afford Median Home” was 10.1% in Detroit in the second quarter, according to Zillow. In Pittsburgh it was 11.3%. In Cleveland and Cincinnati it was 11.4%, and in Indianapolis 11.2%.

However, some of the cities have had much healthier economies recently. The “Share of Income Needed to Afford Median Home” was 11.2% in Dallas in the second quarter, according to Zillow. The figure was 11.7% in Atlanta and 11.2% in Kansas City.

AZCentral has the list:

Here are the 27 metropolitan areas, ranked by the salary needed in those areas to afford a median-priced home. Pittsburgh is the most affordable; San Francisco, the least.
Pittsburgh - $33,128.20
Cleveland - $33,881.55
Cincinnati - $35,864.16
St. Louis - $36,020.47
Detroit - $36,236.03
Tampa - $37,913.32
Atlanta - $38,005.28
Phoenix - $41,250.52
Orlando - $43,163.95
San Antonio - $46,304.97
Minneapolis - $49,255.87
Dallas - $50,102.98
Houston - $51,782.56
Philadelphia - $54,323.02
Baltimore - $57,668.41
Chicago - $59,315.49
Sacramento - $59,778.52
Miami - $60,774.40
Portland - $61,706.20
Denver - $63,664.45
Seattle - $74,674.89
Boston - $84,572.32
Washington - $84,999.14
Los Angeles - $86,800.40
New York City - 89.939.45
San Diego - $100,091.74
San Francisco - $150,511.88

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