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.
Download Your FREE Ultimate Agent Survival Guide Now. This is the exact ‘do this now’ info you need. Learn NOW How to Access All The Bailout Program Cash You Deserve. Including Unemployment and Mortgage Forbearance Plans. To Access the Ultimate Agent Survival Guide Now Text The Word SURVIVAL to 47372. 4 Msgs/Month. Reply STOP to cancel, HELP for help. Msg&data rates may apply. Terms & privacy: slkt.io/JWQt
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.
Also read: Sellers – iBuying No Longer An Option to Sell Homes, Spring Buying Season Likely to Hold Until Summer – Hopefully, Five Stages of Grief Apply to Health & Economic Threats and Traumas Too
