city in the nation for homebuyers, according to the RealtyHop September Affordability Index, with 41.9% of yearly household income going toward homeownership costs.
Conversely, Lubbock ranked as the fourth most affordable U.S. city for homeownership this September, with 22% of the median household income per month going for mortgage payments and taxes.Based on the Miami median household income of $44,581 and a 5.5% interest rate on a 30-year fixed-rate mortgage, typical families looking to own there would need to allocate 86% of their annual income toward homeownership costs.
A healthy employment market is churning out jobs, the Yardi study notes, but the most in-demand occupations aren’t necessarily in the places where those professionals can afford to live. ascension among the most popular moving destinations across the U.S. has driven a massive increase in home prices, and local salaries do not always follow suit, the study found.
It would take 14.2 years to save for a deposit in San Francisco-Oakland-Hayward on the average salary across all professions, and in San Jose-Sunnyvale-Santa Clara the figure is 13.8 years. The San Jose metro, including Silicon Valle, has the highest average income across all professions at around $113,000. But that’s not enough to enable residents to afford the nation’s highest-priced homes, which average out at over $1.5 million.