St. Louis is the 5th most affordable metro area to buy a home

st-louis-real-estate-realtor-dennis-normanAccording 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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