Homes in most major American cities do not have prices low enough to be considered affordable for the median-earning household, according to a new study.
Homeownership is out of reach for most Americans in the majority of the largest cities nationwide. New findings from Clever Real Estate show that 44 of the 50 biggest metro areas in the U.S. do not have prices low enough to be considered affordable for the median-earning household. A home is considered "affordable" for the typical family if it costs no more than 28% of a household's annual income.
There are just six cities where the median-priced home is affordable for median-income earners: For instance, in Pittsburgh, the median home sells for about $199,573; after a 20% down payment, the mortgage – including taxes and insurance – comes out to roughly $1,398 per month. In order to be able to afford that, a person needs to earn a minimum of $59,919 per year – which is lower than the median household income of $70,607 in Pittsburgh.
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