Monday, June 13, 2005
Housing prices in major metro areas in the U.S. have gone up, but so have incomes, says a new report from Forbes, via MSN Money. Looking at 12 major metropolitan areas, the report finds Los Angeles to be the most expensive city -- those who make the median income can afford to buy only 57 percent of the median house, with things just slightly better in New York and San Francisco. Housing is still a bargain in Dallas/Fort Worth, where the median income is double the median house price, with Atlanta and Houston also very affordable.
Adjusted for interest rates, the study found that, surprisingly enough, housing is more affordable today than it was in 1980 in all of the twelve metro areas except New York and San Francisco.