The most, least af­ford­able places to buy a home

Austin American-Statesman Sunday - - MONEY & MARKETS EXTRA - By Holden Lewis

Whether or not you can af­ford a home de­pends — a lot — on the city you want to call home.

A mod­est in­come can go a long way in Cum­ber­land, Mary­land, the metropoli­tan area with the na­tion’s most af­ford­able houses. In con­trast, the least af­ford­able homes are in the San Jose, Cal­i­for­nia, metropoli­tan area — the cen­ter of Sil­i­con Val­ley.

In Cum­ber­land, a me­dian-priced house costs less than two years’ me­dian house­hold in­come. By con­trast, the typ­i­cal home in San Jose costs about 10 years of house­hold in­come.

NerdWal­let cal­cu­lated af­ford­abil­ity for 173 metropoli­tan ar­eas by com­par­ing the me­dian an­nual house­hold in­come and the monthly prin­ci­pal-and-in­ter­est pay­ment for a me­dian-priced sin­gle-fam­ily home. “Me­dian” means half of the val­ues or in­comes are higher and half are lower. Those com­par­isons re­vealed the five mo­stand least-af­ford­able mar­kets for buy­ing a home.

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