Buying a house is a major financial transaction no matter where you live. But just how big the transaction is largely depends on where you’re buying. From one neighborhood to the next, affordability conditions can change. And when comparing metropolitan areas, that change can be even more drastic. For example, a recent analysis of metro areas looked at median incomes and median home prices in an effort to determine the country’s most affordable cities. The results show that Detroit is the most affordable city in the country. In Detroit, a family can purchase the area’s median-priced home while earning just $26,690 per year. And, since the area’s median income is $56,339, buying a home is well within reach. Detroit joins cities like Rochester, Buffalo, and Dayton on the most affordable list. On the flip side, San Francisco was ranked as the least affordable metro. In San Francisco, the median-priced home is $1.42 million, which means you’d need to earn $265,000 per year in order to comfortably afford to buy. More here.
