source: news.theregistrysf.com | Re-Post MNM Partners, LLC 2/1/2018 –
Six cities on the U.S. coasts have a 70 percent or higher percentage of households that can’t afford a home, a new study found.
Personal finance website GOBankingRates used the median home listing price in the 100 largest cities to calculate typical monthly mortgage payments. Using the rule that no more than 30 percent of income should go toward housing, GOBankingRates calculated the income needed to afford a mortgage. Researchers then compared this income to the number of households with income equal to or greater than that amount.
For full study results and more details on methodology, visit: Places Where 50% of Americans Can’t Afford a Home
Top Five Cities With the Highest Percentage of Households That Can’t Afford a Home