How Many Years of Income Does It Take to Buy a Home in Your City?
A new metric looks at where Americans spend the most compared to their incomes
March 17, 2015
How Many Years of Income Does It Take to Buy a Home in Your City?
CityLab's Richard Florida unveils the results of a metric he developed with a colleague that looks at housing affordability compared to income, by city.
The calculations specifically look at the number of years of income it would take to pay for the purchase price of a home, without taking on the added expense of mortgage interest.
The researchers found that in many California metro areas, it would take five to 10 years of household income to afford a home.
