Key Highlights:

  • Just released study by First American Financial Corp. ranked America’s 50 largest metros by percentage of houses that affordable to median-earning renters in Q3 2019
  • Smaller metros ranked more affordable
  • Study assumed 5% down payment, sale prices, mortgage rates, payroll taxes and mortgage insurance

The First American Financial Corporation just released a study ranking the most and least affordable metros among America’s 50 largest metros for median-earning renters. See the bullet points above to note the criteria First American used.

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First American capped debt from house payments and other items such as car loans and student loans at no more than 1/3 of a median renter’s earnings. Note on the lists below that the metros with the higher percentages of affordable homes to median-earnings renters ranked the highest and, conversely, metros with the lesser percentages of affordable homes ranked lowest.

Take a look:

First American Financial Corporation’s List of Most Affordable Metros to Median-Earning Renters

 

Highest %             Median                       Highest

Home Price               Affordable Price

 

74% – Oklahoma City     $160,000               $230,099

73% – Louisville             $182,050               $266,411

72% – Memphis                $158,537            $235,590

71% – Birmingham           $161,816            $241,862

71% – Kansas City MO     $220,172             $292,407

70% – Pittsburgh               $157,750            $229,173

69% – Tampa                    $207,333             $271,292

68% – Atlanta                    $221,816             $291,521

68% – Indianapolis           $195,111            $249,057

68% – St. Louis                 $175,000             $227,307

 

First American Financial Corporation’s List of Least Affordable Metros to Median-Earning Renters

 

Least %                         Median               Highest                                                                                                                                                                      Home Price         Affordable Price

 

6% – Los Angeles             $645,666           $314,961

7% – San Jose                  $1,054,000          $550,443

11% – San Francisco         $846,666            $444,214

16% – San Diego               $563,333             $376,762

21% – Sacramento           $400,666             $297,238

24% – New York               $426,333             $282,480

30% – Denver                   $403,983             $338,758

32% – Seattle                    $456,300             $378,843

33% – Riverside CA          $355,333             $295,457

35% – Minneapolis           $270,178             $234,057

 

Thanks to First American Financial Corporation and New York Times’ Michael Kolomatsky.

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