Homes are truly affordable in only about half of major cities; Phoenix makes the grade

By Reed Karaim

A median-income household can only afford a median-priced home in 14 of the nation’s 25 largest metropolitan areas

Atlanta, Detroit and Minneapolis-St. Paul are the most affordable cities, according to’s first Home Affordability Study.

San Diego, New York and San Francisco are the least affordable.

With home prices down an average of 30% from their peak in 2006, and mortgage rates at record lows, there’s a lot of talk about how homes are more affordable now than they’ve been in decades.

In some places, that’s true. But in many cities, it’s not.


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