According to the results of a recent nationwide industry analysis of housing markets compiled by Wells Fargo (WFC) and the National Association of Homebuilders, below are Lists of the Top 10 Most and Least Affordable large U.S. Cities to purchase a home. Per the study, large U.S. cities under consideration referred to only those cities with populations larger than 500,000 citizens. Also worth noting, and per the below link, in terms of the calculated 'affordability index' metric, "...To be deemed affordable, a family making the median national income of $64,000 must be able to buy the property and devote no more than 28% of their income toward housing costs."Top 10 MOST Affordable U.S. Cities:
(Rank -- City -- Affordability Index -- Median Home Price)
1. Indianapolis, Indiana -- 94.8 -- $98,000
2. Youngstown, Ohio -- 94.4 -- $67,000
3. Akron, Ohio -- 93 -- $78,000
4. Grand Rapids, Michigan -- 91.8 -- $97,000
5. Syracuse, New York -- 91.3 -- $85,000
6. Warren, Michigan -- 91.2 -- $119,000
7. Cleveland, Ohio -- 91 -- $86,000
8. Buffalo, New York -- 90.4 -- $90,000
9. Toledo, Ohio -- 90.2 -- $78,000
10. Dayton, Ohio -- 90 -- $85,000
Top 10 LEAST Affordable U.S. Cities:
(Rank -- City -- Affordability Index -- Median Home Price)
1. New York, New York -- 21.5 -- $418,000
2. San Francisco, California -- 32.1 -- $525,000
3. Los Angeles, California -- 42.1 -- $288,000
4. Nassau-Suffolk, New York -- 43 -- $375,000
5. Honolulu, Hawaii -- 44.1 -- $360,000
6. Santa Ana, California -- 48.2 -- $360,000
7. Newark, New Jersey -- 49.3 -- $315,000
8. Miami, Florida -- 49.6 -- $185,000
9. McAllen, Texas -- 50.3 -- $160,000
10. El Paso, Texas -- 52.9 -- $127,000
realestate.yahoo.com/homes-most-affordable-in-2-decades
Data Courtesy: Yahoo Real Estate, NAHB and Wells Fargo
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