In December, RealtyHop released its Housing Affordability Index.

The study examined the 100 most populated cities in the U.S. to provide an index of housing affordability and homeownership burden.

To calculate the index, the following statistics were used:

  • projected median household income
  • median for-sale home listing prices via RealtyHop data
  • local property taxes via American Community Service census data
  • mortgage expenses, assuming a 30-year mortgage, a 5.5% interest rate, and a 20% down payment.

Miami, Florida, topped the list as the least affordable housing market in the U.S. The city saw a 0.50% increase in the median asking price for a home from $595,000 to $598,000.

According to RealtyHop, a family making Florida’s average household income of $44,581 would have to spend 85.67% of their paycheck on housing costs.

The 5 least affordable housing markets in the U.S.

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