Minneapolis earns ‘A’ grade in home affordability
The Minneapolis-St. Paul area is one of the most affordable metro areas in the country when it comes to buying a home. The area just received an ‘A-’ in home affordability according to new research from Interest.com released Wednesday, Oct. 18.
In this new study, researchers wanted to find out if people making the median household income in a city could buy a median priced home in that city. To get a picture of how affordable housing is, Interest.com looked at median home prices and incomes, average property taxes and homeowners insurance premiums, as well as consumer debt and mortgage rates in the nation’s 25 largest metro areas. They then determined how much a family earning the median income in each city could afford to spend on a house and how much a family would have to earn to afford that city’s median priced home.
According to the study, Atlanta and Detroit are also two of the most affordable U.S. cities. San Diego, New York and San Francisco are among the least affordable.
Published Oct. 18, 2012