By Nyesha Stone
According to the RealtyHop Housing Affordability Index, when it comes to being able to afford a house, Milwaukee ranks 72 out of 100 cities in the U.S.—last month’s report ranked Milwaukee at 76. Every month, RealtyHop analyze their data alongside comprehensive U.S. Census data to find out if homeownership is affordable or accessible for the average family, according to their site.
Los Angeles is at the top of the list of least affordable homes with a 1.44 percent increase in homeownership burden, according to the index. L.A.’s median price range for a home is $899,000, which means the average L.A. household would have to spend 91.4 percent of their yearly income to own a home.
Only about six hours away, Detroit is the most affordable city to own a home, according to the index. The index reported that a household in the city would only need to spend $302 a month to own a home, or 13 percent of their annual income.
Along with that data is the medium income of the 100 cities. Milwaukee’s median income is $38, 289.
And, Detroit’s medium income is significantly lower than that at $27,838.
According to the “American Dream” every American should have the opportunity to own their home.
With these statistics, do you think that’s a possibility.
Before you make that decision, look over the full report at https://www.realtyhop.com/blog/realtyhop-housing-affordability-index-july-2019/.
This article originally appeared in the Milwaukee Courier.