Los Angeles is known for many things… the entertainment capital of the world, its near-perfect weather, and its unbelievably expensive real estate market. For many Angelenos, homeownership is simply out of the question. After all, the median price of a home in LA is over $1 million.Data compiled by RealtyHop based on its Housing Affordability Index examines what American households across the 100 largest cities need to spend on housing.
While the average home price in Toledo is $106,900, an average family only spends roughly 18.66% of their monthly income on mortgage and tax payments. While homes in Detroit are slightly cheaper than in Toledo, with a median home price of $95,000, buyers can expect to direct 19.29% of their income toward homeownership costs, making it the second most affordable housing market in the U.S.Fort Wayne is the third most affordable housing market in the U.S.
Source: News Formal (newsformal.com)
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