Atlanta ranks high in affordable home ownership

11:35 PM, Oct 14, 2013   |    comments
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ATLANTA -- Home ownership is well within reach for 75% of middle-class households, according to a new study conducted by real estate company Trulia. Economist Jed Kolko says home ownership affordability varies hugely across the country.


To determine affordability, Kolko looked at all of the homes for sale across the U.S. For every home, he decided affordability based on whether the monthly payment was less than 31% of the metro median household income.   The percentage of homes within that level was considered the amount of affordable homes for middle class households.


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The most affordable city is Akron, Ohio. Eight-six percent of homes are affordable for middle class households. San Francisco is the least affordable city with only 14% of homes within reach of middleclass households. Those more expensive homes were also some of the smallest in the country with a median size home only 1,000 square feet.

Atlanta fares better than most metro areas.  The median income here is $54,628. The maximum affordable home price is 266,000. In October 2013, 75% of homes for sale fell within those affordable guidelines. But, the study also shows that number is less than it was just a year ago. In 2012, 84% of homes for sale were affordable for middle-class households.

What do you think? Are homes in Atlanta affordable for middle-class families? 

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