Atlanta Still One of Most Affordable Locations to Buy Home
The chart below breaks down affordability across most of the largest cities in the U.S. We’ve indicated the percentage of homes currently on the market that are affordable for each city and occupation, based on BLS salary information. Blue means there are more affordable homes, while red means there are fewer. Not surprisingly, a doctor’s salary can afford most homes in most cities, while one median salary can afford very few homes in any city.
While the overall picture is not great for housing affordability, there are exceptions. More affordable places are scattered throughout the country, although generally not on the coasts. Two middle-class incomes can afford a decent share of homes in Hartford (78%), Richmond (71%), Philadelphia (61%), Atlanta (59%), Minneapolis (56%) and Raleigh (55%).
Source: Redfin Research Center – Tommy Unger – April 3, 2014