U.S. regions where buying a house is most and least affordable

May 29, 2014

(Justin Sullivan/GETTY IMAGES)

Anyone house shopping in the Washington, D.C., area knows all too well the difficulty of finding a place that meets their needs — and their budget.

To buy a median-priced home in this region, you’ll need to earn about $80,000 a year, according to a new study by online mortgage firm HSH.com. A buyer seeking to purchase a median-priced home of $358,900, according to the study, would have to earn $78,503.56. With a 4.45 percent 30-year fixed-rate mortgage, you’d pay about $1,831.75 a month, according to the study.

Rockville-based multiple listing service MRIS has said that the median sales price for a home in the region in April was actually more – $412,500 — meaning that the annual income for a buyer would have to be higher.

How does the Washington area stack up to regions around the country? Washington ranked 22 out of 27 in affordability. Cleveland ranked No. 1 in affordability — you’d need to earn just $29,788.67 to buy a median-priced home there. San Francisco came in last — you’d need to make $137,129.55 to purchase a median-priced home there.

Here is a look at the top five most affordable metro areas and the top five least affordable regions:

Most affordable


(Lisa DeJong/FOR THE WASHINGTON POST)

1. Cleveland: Median home price — $102,100; salary needed — $29,788.67

(John Heller/FOR THE WASHINGTON POST)
(John Heller/FOR THE WASHINGTON POST)

2. Pittsburgh: Median home price — $120,000; salary needed — $30,177.78


(Tom Gannam/ASSOCIATED PRESS)

3. St. Louis: Median home price — $120,500; salary needed — $31,275.49


(Al Behrman/ASSOCIATED PRESS)

4. Cincinnati: Median home price — $121,700; salary needed — $31,850.18


(Robin Buckson/ASSOCIATED PRESS)

5. Detroit: Median home price — $110,750; salary needed — $32,250.30

Least affordable


(Justin Sullivan/GETTY IMAGES)

1. San Francisco: Median home price — $679,800; salary needed — $137,129.55


Lenny Ignelzi/ASSOCIATED PRESS)

2. San Diego: Median home price — $483,000; salary needed — $98,534.22


(Andrew Kelly/REUTERS)

3. New York: Median home price — $388,900; salary needed — $89,788.69

(Mark J. Terrill/ASSOCIATED PRESS)
(Mark J. Terrill/ASSOCIATED PRESS)

4. Los Angeles: Median home price — $406,200; salary needed — $85,964.88


(Michael Dwyer/ASSOCIATED PRESS)

5. Boston: Median home price — $363,200; salary needed –$79,820.01

 

 

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