Pittsburgh ranks first in housing affordability, when you look at the salary you need to afford a monthly house payment there, according to a new analysis conducted by HSH.com.
Learn why housing affordability is slowly falling, according to this reading of NAR’s latest Housing Affordability Index.
The mortgage research site crunched second-quarter housing data from the National Association of REALTORS® to determine how much money it takes to afford the base cost of owning a median-priced home in 27 markets. HSH.com factored principal, interest, taxes, and insurance into determining the housing costs of a median-priced home.
The following are the 10 markets that topped HSH.com’s list for the smallest paycheck a person would need to afford a median-priced home:
- Pittsburgh: $33,128.20 (salary needed)
- Cleveland: $33,881.55
- Cincinnati: $35,864.16
- St. Louis: $36,020.47
- Detroit: $36,236.03
- Tampa: $37,913.32
- Atlanta: $38,005.28
- Phoenix: $41,250.52
- Orlando: $43,163.95
- San Antonio: $46,304.97