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The formula here is very straight-forward. The score = median home price divided by median household income. The change in score is provided both for 2010 and 2015.
As you can see, 2021 was an absolute trainwreck for housing affordability.
Miami has joined the list of extremely unaffordable (what I consider 8+).
Vancouver continues to be the most extreme housing market in Anglo America, with a median home priced at 13.3 times the median household income. In fact, it is only bested globally by Sydney (15.3) and Hong Kong (an eye-popping 23.2).
In the U.S., San Jose is #1 most unaffordable (12.6), followed by Honolulu (#2 at 12.0)
Since 2010, San Jose has been the fastest increasing market (+5.9 since 2010). Since 2015, by far the fastest increasing has been Toronto at +3.8.
The best housing markets are:
1. Pittsburgh: 2.7 (the cheapest market studied of the 92 cities globally)
2. Oklahoma City: 3.3
3. Rochester: 3.3
4. Edmonton: 3.6
5. Saint Louis: 3.6
But this takes into account the median household incomes. The Bay area is a bigger disaster, as is Honolulu.
If you make $100,000 and spend $50,000 on housing you’re better off than someone spending $25,000 on housing and making 50,000. Because gasoline, electricity or bread is ~equal across the country.
Location: Miami (prev. NY, Atlanta, SF, OC and San Diego)
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actually, CA has higher utilities and higher gas prices than the national average. Not sure if above takes into account 6% state income tax rate at $100K. You can also throw in more homeless.
Quote:
Originally Posted by btownboss4
If you make $100,000 and spend $50,000 on housing you’re better off than someone spending $25,000 on housing and making 50,000. Because gasoline, electricity or bread is ~equal across the country.
Last edited by elchevere; 03-28-2022 at 04:31 PM..
Los Angeles and Miami are absolute disasters. They have low(ish) incomes are really high costs.
Toronto and Vancouver and in the same boat.
Housing is a serious crisis everywhere nowadays. I was just in Utah helping my sister buy a house, and the prices there are outrageous imo.
Quote:
Originally Posted by rnc2mbfl
But this takes into account the median household incomes. The Bay area is a bigger disaster...
Yeah, I dont know about that...
Metro Area(MSA) Median Income, Married-Couple Family With Children Under 18 Years, 2019
$197,878 San Jose
$175,559 San Francisco
$104,904 Los Angeles
$89,847 Miami
We have the highest prices unfortunately, but we also have higher income and usually better credit too.
actually, CA has higher utilities and higher gas prices than the national average. Not sure if above takes into account 6% state income tax rate at $100K. You can also throw in more homeless.
They are more similar than housing. It’s not like housing where in Buffalo a decent house is $225,000 and in LA it’s $900,000. Gasoline is $4.29 in Buffalo is $5.35 in LA or something. A Banana might be 37c vs 43c a pound
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