Median home prices in the second quarter of 2019 were not affordable for average wage earners in the 2nd Quarter of 2019, according to the U.S. Home Affordability Report.
The least affordable counties in the second quarter of 2019 included Los Angeles, Chicago, Phoenix, San Diego, California; and Orange County, California.
Areas, where a median-priced home in the second quarter of 2019 was still affordable for average wage earners, included Houston, Detroit, Philadelphia, Cleveland, and Columbus, Ohio.
The report determined affordability for average wage earners by calculating the amount of income needed to make monthly house payments — including mortgage, property taxes, and insurance — on a median-priced home.
Show Prep Source: https://www.attomdata.com/news/market-trends/figuresfriday/how-much-do-you-need-to-earn-to-buy-a-home-near-you/
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