Magazine article Mortgage Banking

Median Income Buys a Median-Priced Home in Only 14 of 25 Largest Metros

Magazine article Mortgage Banking

Median Income Buys a Median-Priced Home in Only 14 of 25 Largest Metros

Article excerpt

Research released by Interest.com, a company owned by Bankrate Inc., Chicago, found that a median-income household can only afford a median-priced home in 14 of the 25 largest metropolitan areas. Detroit was the most affordable metro market, while the least affordable was San Francisco, according to the new research findings.

Also among the top five most affordable metro areas along with Detroit were Atlanta, Minneapolis, Phoenix and St. Louis.

Ranking among the least affordable large markets along with San Francisco were New York, San Diego, Miami and Los Angeles, according to Interest.com. "Despite all of the talk about how homes are more affordable than they have been in decades, buying a home is still a big challenge for many American households," said Mike Sante, managing editor of Interest.com.

Sante added, "Dealing with rising expenses and stagnant wages is a struggle. Even after years of declining home prices and record-low mortgage rates, median-income households are unable to afford a median-priced home in nearly half of the metropolitan areas that we looked at. …

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