Zillow Research listed the most and least affordable housing markets among the country’s 50 largest metro areas at the end of 2017, relative to home values, inventory, and median income. Zillow reports:
Markets that seem affordable, because their median home price is lower than other areas, may actually be unaffordable for people who live there. For that reason, we measure affordability by the share of median income that residents pay for a 30-year fixed mortgage on a typical home.
Zillow found that Oklahoma City, Okla. is the most affordable market, where only 10.8% of median income is spent on a 30-year fixed mortgage for a median home priced at $136,300. Pittsburgh, Pa. ranked second, with a slightly greater share of income spent on mortgage payments -- 10.9%. Indianapolis, Ind.; Memphis, Tenn.; and St. Louis, Mo. round out the top five.Read More