Rust Belt metro areas Pittsburgh and Cleveland lead the nation in home affordability while San Jose, San Francisco and San Diego are the most expensive, according to a new report. Shutterstock
When it comes to home affordability, the rust belt shines.
On the other side of the coin, the Golden State requires more gold for a family to own a house than anywhere else in the nation.
Pittsburgh and Cleveland top the list of the least expensive metro area to buy a home with a family required to have a minimum of $38,253 and $39,730, respectively to get the keys, according to a new report by HSH.com.
The most expensive honors (?) go to San Jose ($274,623), San Francisco ($213,727), and San Diego ($130,986).
The affordability calculations take into account taxes and homeowner’s insurance along with mortgage principal and interest payments.
On average, the average salary required to buy a median priced home across the largest 50 metro areas has jumped $5,300 in a year, says the report.
Rising mortgage rates and shortages of homes of the market leading to frequent bidding wars are cited as significant factor in the price hikes.
“(A) growing number of interested buyers in many markets overwhelmed what was already a meager level of available listings,” National Association of Realtors Chief Economist Lawrence Yun is quoted in the analysis.
Families struggling to come up with the wherewithal to buy a home sometimes can get aid in state homebuyer assistance programs.
Here is a list:
To see the minimum family income needed to buy an average price home in each of the 50 largest metro areas, click on: