The average wage earner can’t afford a median-priced home in 74% of U.S. markets, according to a new study from ATTOM Data Solutions. According ATTOM’s 2019 U.S. Home Affordability Report, median home prices in the third quarter of 2019 were not affordable for average wage earners in 371 of 498 U.S. counties analyzed.
The largest populated counties where a median-priced home in Q3 of 2019 was not affordable for average wage earners included Los Angeles County, California; Cook County, Illinois; Maricopa County, Arizona; San Diego County, California; and Orange County, California. These are some of the 67% of markets where it requires at least 30% of wages to buy a home.
Meanwhile, there were 127 counties, 26% of the 498 counties analyzed in the report, where a median-priced home in Q3 of 2019 was still affordable for average wage earners. Those counties included Harris County, Texas; Wayne County, Michigan; Philadelphia County, Pennsylvania; Cuyahoga County, Ohio; and Allegany County, Ohio.
Compiled data from Housingwire