Interest.com 2013 Home Affordability Study
The Failing Grades
An ugly combination of rising home prices and higher mortgage rates nearly doubled the number of cities slapped with failing grades in this year's study. Indeed, 13 of the nation's 25 largest metro areas earned a D or F and the dubious distinction of having the least affordable housing markets. An Affordability Grade of C means the median income family can afford the median-priced home in that city. A D means the median income family can only afford a home that costs about 80% of the median price. And in those cities slapped with an F? A median income family can't even afford a home selling for just 70% of the median price. Our sympathies if you’re a home buyer in one of those cities. Click here to read more about the study.