Only six major U.S. cities have median home prices that a household making the local median income could afford.
An April report from Clever Real Estate compared the income needed to afford a home in major U.S. cities to the actual income earned by the typical household.
The report considered a home affordable to a particular buyer if it fulfilled the popular 28/36 rule, which advises buyers to spend a maximum of 28% of their monthly income on housing, plus an extra 8% paying other debt like credit card or auto bills.
Even with a 20% down payment, the standard homebuyer making median local pay would not be able to afford
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