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Old 04-28-2010, 06:48 AM
 
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This study is nice and simple: it compares median home prices to median household income, using 2006-08 American Community Survey data from the Census:

Business First of Buffalo: WNY sets the pace for affordable housing

Of course home prices have changed a bit since that period in many areas, but as of that period Pittsburgh was #4 among metros above 1 million in population, with a ratio of 2.45132. The top 10 large metros were:

Rochester 2.33081
Buffalo 2.35453
San Antonio 2.45084
Pittsburgh 2.45132
Houston 2.47760
Oklahoma City 2.53290
Dallas 2.57845
Indianapolis 2.63148
Kansas City 2.83576
Birmingham (AL) 2.86142

The ranking is interesting, but I also think this kind of thing is useful as a rough guide to what a person should be paying for a house in Pittsburgh. For example, one might conclude you really shouldn't pay much more than 2.5 times your gross household income.
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Old 04-28-2010, 07:31 AM
 
Location: Philly
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does this account for property taxes?
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Old 04-28-2010, 07:46 AM
 
20,273 posts, read 33,022,351 times
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Quote:
Originally Posted by pman View Post
does this account for property taxes?
Nope, nor utilities, insurance, closing costs, maintenance, or any other costs of home ownership besides the price.
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