How does the cost of home ownership in Atlanta stack up compared to other major cities in the country? Well, it could be worse, but it certainly could be better.
According to a new report, among the 100 largest cities in the country, about 70 have more affordable housing markets than Atlanta.
The findings, published by Real Estate company RealtyHop based on U.S. Census data, found that Atlanta ranks in the bottom third for affordable cities in terms of housing affordability.
Los Angeles was once again the least affordable housing market in the country, according to the report, where the median household would have to shell out 91.5% of yearly income to own a home.
The City of Angels is joined by New York, Miami, San Francisco and Boston in the top five slots for least affordable markets.
In L.A., the average homeowner pays $4,155 per month in mortgage and taxes. That number is $4,107 in New York.
Comparatively, Atlanta’s market is less harsh. Here, where average home price is $330,000, the typical homeowner pays 37.9% of their income toward mortgage and taxes — or about $1,636 per month. That figure is on par with what homeowners in cities such as Chicago, Denver and Austin pay.
If you’re looking to uproot in search of a cheaper market, Detroit; Fort Wayne, Indianna; Wichita, Kansas; Cleveland; and Bakersfield, California were the top 5 most affordable.
To calculate the data, RealtyHop used median household income from Census data, median for-sale prices based on its own database and local property taxes from ACS census data.
About the Author
