Quote:
Originally Posted by Fbone
Thanks for the link.
As I suspected they only calculated average home price by household income. They didn't include income taxes, property taxes, maintenance and hazard insurance.
There are only 14 areas in the US with affordable housing. Nothing is mentioned about housing for those with low wages. Nor Rents!
My town is 6.2.
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Ouch; 6.2.
The 14 "affordable markets" are only for metro areas greater than 1 million.
But if you look at the table on page 4 - there are 84 "affordable" markets [3.0 and less] in the US (out of 236 total); 100 moderately unaffordable [3.1-4.0]; 29 seriously unaffordable [4.1-5.0]; and 23 severely unaffordable [5.1 +].
Out of 39 markets, Australia has 0 "affordable", 0 "moderately affordable", 14 "seriously unaffordable"; and 25 "severely unaffordable".
Yeah, it's not a perfect measure by any means, but comparing the median house to the median income is a reasonable way to get a rough overview of a housing market.