Trulia analyzed metros to find the areas with the highest percentage if zip codes with affordable homes for the local median income.
Each of the country’s 50 largest markets had at least one ZIP code where half or more homes were deemed to be affordable to a would-be buyer earning the local median income. But there were also extremes. Of the more than 8,000 ZIP codes examined, 261 are completely out of reach for the typical income earner: no homes are affordable. But there are more than twice as many ZIP codes (604) scattered across the country where all homes are affordable.
Looking at all ZIP codes across the 50 largest metros, the share of affordable homes in those located within 30 miles of the city center is 14 percentage points less, on average, than in those ZIP codes more than 30 miles from downtown. A location closer to the center of the city tends to fetch a premium since that often means lower commuting costs (in both time and money), and land values tend to be higher closer to a given metro’s center of gravity.
Advertisement
Related Stories
Innovation
IKEA Model Home Aims to Ease the Trauma of Homelessness
Blending innovation with empathy and eco-conscious design, IKEA US unveils a pioneering model home in its Live Oak, Texas, store
Affordability
How Much Income Do First-Time Buyers Need to Afford the Average Home?
The median-priced home is unaffordable in 44 of the 50 largest U.S. metro areas
Affordability
What Is the Relationship Between Urban vs. Suburban Development and Affordability?
A new paper from Harvard's Joint Center looks at whether expanding the supply of suburban housing could, in turn, help make dense urban areas more affordable