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Median-priced homes not affordable for average wage earners in 71% of U.S.
March 29, 2019

From ATTOM Data Solutions:

ATTOM Data Solutions, curator of the nation's premier property database and first property data provider of Data-as-a-Service (DaaS), today released its Q1 2019 U.S. Home Affordability Report, which shows that median home prices in the first quarter of 2019 were not affordable for average wage earners in 335 of 473 U.S. counties analyzed in the report (71%).

The report determined affordability for average wage earners by calculating the amount of income needed to make monthly house payments – including mortgage, property taxes and insurance – on a median-priced home, assuming a 3% down payment and a 28% maximum "front-end" debt-to-income ratio. That required income was then compared to annualized average weekly wage data from the Bureau of Labor Statistics (see full methodology below).

The 335 counties where a median-priced home in the first quarter was not affordable for average wage earners included Los Angeles County, California; Maricopa County (Phoenix), Arizona; San Diego County, California; Orange County, California; and Miami-Dade County, Florida.

The 138 counties (29% of the 473 counties analyzed in the report) where a median-priced home in the first quarter was still affordable for average wage earners included Cook County (Chicago), Illinois; Harris County (Houston), Texas; Wayne County (Detroit), Michigan; Philadelphia County, Pennsylvania; and Cuyahoga County (Cleveland), Ohio.

Continue reading ATTOM Data Solutions' report here...

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