Affordable Home Buying: New Insights and Regions Requiring Less Spending
TL;DR Summary
The report highlights that the traditional 30% income rule for home affordability is now unrealistic, with Americans needing to spend an average of 44.6% of their income on median-priced homes, and only a few cities like Pittsburgh, Detroit, and St. Louis remain affordable within that threshold.
Topics:business#home-affordability#housing-costs#income-share#median-home-price#real-estate#us-cities
- The 30% rule is now unrealistic. Here are 3 places you won't have to blow your budget to afford a home right now. Business Insider
- How much is too much to spend on a home? Boston.com
- Study: Austin workers need a big raise to comfortably buy a home KXAN Austin
- Valley families need hefty raise to afford median-priced home, Zillow reports KTAR.com
- San Jose residents need a $250,000 raise to afford median home, study says NBC Bay Area
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