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Dec 27

Most expensive cities to buy a home puts Seattle #23

Home prices bubbling again?

Some faint concern is evidenced when prices raise 15% in a year… which we have seen in King County with November’s median price at $426,000. But our prices are not the most ‘un-affordable’ for residents earning a median income for the area.

San Francisco prices exorbitant

In San Francisco, only 14% of the homes are within reach of someone making the median income. Home prices there are so exorbitant, it hardly matters that San Franciscans are among the highest earners in the nation.

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Trulia’s ranking of  for sale home prices, that are affordable for the middle class, ranks Seattle #23. By Trulia’s calculations, an affordable home in the Seattle-Bellevue-Everett metro would be $338,000 or less.

 

Rank U.S. Metro % of homes for sale within reach of middle class, 2013 Maximum affordable home price, rounded (Trulia)
1 San Francisco, CA 14% $409000
2 Orange County, CA 23% $373000
3 Los Angeles, CA 24% $271000
4 New York, NY-NJ 25% $274000
5 San Diego, CA 28% $309000
6 San Jose, CA 31% $462000
7 Ventura County, CA 32% $366000
8 Fairfield County, CT 36% $364000
9 Honolulu, HI 40% $395000
10 Boston, MA 41% $322000
11 Oakland, CA 42% $361000
12 Peabody, MA 43% $328000
13 Riverside-San Bernardino, CA 49% $253000
14 Austin, TX 50% $251000
15 Middlesex County, MA 51% $396000
16 Sacramento, CA 51% $284000
17 Miami, FL 51% $196000
18 Providence, RI-MA 52% $255000
19 Fresno, CA 52% $211000
20 Newark, NJ-PA 52% $294000
21 Dallas, TX 53% $240000
22 Long Island, NY 54% $382000
23 Seattle, WA 55% $338000
24 Denver, CO 55% $317000
25 Houston, TX 56% $231000

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*For Trulia’s analysis, a house was considered affordable if the total monthly payment (including insurance and property tax) did not exceed 31 percent of the median household income; in calculating the monthly payment, Trulia assumed that the buyer had a 20 percent down payment and a 30-year fixed mortgage at a 4.5 percent rate.

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