Where the Middle Class Can’t Afford a House
In reality, yes, the median household income in metropolitan San Francisco is higher than it is in Akron (by about $30,000). But that smaller income will buy you much, much more in Ohio. To be more specific, if you make the median income in Akron — a good proxy for a spot in the local middle class — 86 percent of the homes on the market there this month are likely within your budget.
If you’re middle-class in San Francisco, on the other hand, that figure is just 14 percent. Your money will buy you no more than 1,000 square feet on average. That property likely isn’t located where you’d like to live. And the options available to you on the market are even fewer than they were just a year ago, according to data crunched by Trulia. To frame this another way, the median income in metro San Francisco is about 60 percent higher than it is in Akron. But the median for-sale housing price per square foot today is about 700 percent higher.
Atlantic Cities looks at the metro areas in the U.S. where homes are least affordable for middle class families (or families earning the median income in the area) — San Francisco being the worst, according to an analysis by real estate site Trulia. New York, of course, also makes it near the top of the list, but New York is a city of renters (and I imagine San Francisco is one too). Where is the housing stock most affordable for median earners? Cities in Ohio, Indiana, and Michigan make the list, which you can see in full below.
Thanks to Liz for the story pointer!
Photo: Marc Dalmulder
Support The Billfold
The Billfold continues to exist thanks to support from our readers. Help us continue to do our work by making a monthly pledge on Patreon or a one-time-only contribution through PayPal.
Comments