According to a report released this week by Interest.com, St. Louis is the 5th most affordable metro area in the U.S. with a median-income household having 23 percent more income than needed to buy a median priced home. Number one on the list is Detroit where a median-income household has 45 percent more income than needed to buy a median priced home and, at the opposite end of the spectrum, the least affordable metro is San Francisco where a median income is almost 33 percent less income than necessary to afford a home.
Most Affordable Metropolitan Areas* | Least Affordable Metropolitan Areas* |
1. Detroit (+45.32%) | 21. Los Angeles (-12.52%) |
2. Atlanta (+40.00%) | 22. Miami (-12.59%) |
3. Minneapolis (+32.20%) | 23. San Diego (-25.90%) |
4. Phoenix (+23.67%) | 24. New York (-29.71%) |
5. St. Louis (+23.49%) | 25. San Francisco (-32.76%) |
*Percentage reflects how much the median household income in a metropolitan area exceeds or falls short of the income required to purchase a median-priced home in that area (source: Interest.com)
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