With 74% of US county markets being unaffordable for average wage earners to buy a median priced home, which counties are the most affordable? Which counties are the most unaffordable?
ATTOM Data Solutions just released 2019 US Home Affordability Report can tell us.
Let’s begin with the basics.
- The national median priced home in Q3 2019 = $265,000
- The annual gross income earned by the average wage earner in Q3 2019 = $57,594
- The annual gross income for a buyer putting down a 3$ down payment in Q3 2019 = $69,256
Largest Populated Counties That NOT Affordable in Q3 2019
Los Angeles County CA
Clark County (Chicago) IL
Maricopa County (Phoenix) AZ
San Diego CA
Orange County CA
King County WA
Tarrant County TX
Santa Clara County CA
New York County NY
Alameda County CA
Still Affordable Counties for Average Wage Earners
Harris County (Houston) TX
Wayne County (Detroit) MI
Philadelphia County PA
Cuyahoga County (Cleveland) OH
Allegheny County (Pittsburgh) PA
Mecklenburg County NC
Fulton County GA
St. Louis County MO
Milwaukee County WI
Mann County IN
33% of counties analyzed, or 163 of 498 counties, required LESS than 30% of annualized weekly wages to buy in a median priced home in Q3 2019.
Counties Requiring the Smallest Share of Weekly Wages
Calhoun County (Battle Creek) MI 14.1%
Wayne County (Detroit) MI 14.9%
Clayton County (Atlanta) GA 15.2%
Rock Island County (Davenport) IL 15.5%
Montgomery County AL 16.2%
According to Todd Teta, ATTOM’s chief economist, “Buying a home continues to be a rough road for the average wage earner in the United States. Prices are going up substantially faster than earning in 2019 without any immediate end in sight, which continues to make home ownership difficult or impossible for a majority of single-income households and even for many families with two incomes. If there is any silver lining to the picture, it is that mortgage rates have fallen back to historical lows. That is softening the blow of rising prices and actually making homeownership a bit more attainable in most areas of the country.”
Also read: https://timandjulieharris.com/2019/09/29/typical-mortgage-payment-dipping-below-2018-levels.html,
