The most, least affordable places to buy a home
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.