Home Buying Still Challenge for Many Households
New York, NY, Oct. 22, 2012 -- Median income households can afford median priced homes in just 14 out of the country’s 25 largest U.S. metropolitan areas, according to a report from Interest.com, a website published by Bankrate.
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The site used information from the U.S. Census Bureau, National Association of Realtors, National Association of Insurance Commissioners and Experian, a credit reporting agency for its analysis.
The least affordable areas included San Francisco, New York, San Diego, Miami and Los Angeles, while the most affordable areas included Detroit, Atlanta, Minneapolis, Phoenix and St. Louis.
“Despite all of the talk about how homes are more affordable than they have been in decades, buying a home is still a big challenge for many American households,” said Mike Sante, managing editor of Interest.com, in a press release.