Atlanta No. 2 most affordable housing market

Metro Atlanta hasn’t been the greatest place in the country to own a home, as everyone with a devalued house in these parts knows.

There is some good news, relatively speaking, though.

It doesn’t cost that much to buy here.

Atlanta ranks second in the U.S. among the top 25 metro areas in terms of home affordability, new research from Interest.com, a Bankrate company, shows.

The median household income in the Atlanta area exceeds the income required to purchase a median-priced home here by 40 percent. That’s better than every other  big market except for Detroit, where it’s 45.32 percent.

The rest of the top five most affordable metro areas are Minneapolis, Phoenix and St. Louis.

Of course, Detroit is hardly the symbol of economic success, and Phoenix has had major housing issues.

The least affordable markets: San Francisco, New York, San Diego, Miami and Los Angeles.

Housing affordability is key concern nationally, and nationwide a  median-income household can afford a median-priced home in only 14 of the 25 largest markets, the study found.

Mike Sante, managing editor of Interest.com, said, “Despite all the talk about how homes are more affordable than they have been in decades, buying a home is still a big challenge for many American households.”

Sante continued, “Dealing with rising expenses and stagnant wages is a struggle. Even after years of declining home prices and record-low mortgage rates, median-income households are unable to afford a median-priced home in nearly half of the metropolitan areas that we looked at.”

11 comments Add your comment

gfan

October 17th, 2012
12:42 pm

Part of this must have to do with how cheaply the houses in the metro Atlanta area are built. I am amazed at what builders can get away with around here.

AtlantaGuy

October 17th, 2012
1:07 pm

My neighborhood was predominantly white in 1997. And yes, it has transitioned. But I haven’t seen anything negative about it. In fact, the “black guy” next door called me at 1am this morning to let me know a strange car was parked in front of my house. Then he called the cops to investigate. Get to know your neighbors, or move out of your self-described ghetto.

woodrow

October 17th, 2012
6:49 pm

I must agree. Houses here are about what they cost in the 90s. Everyone lost their shirt.

TimeR

October 17th, 2012
7:31 pm

my midtown condo is still way underwater—I’m walking from this bad mortgage in 3 months if the bank will not deal and cut this thing way down. enough is enough.

Michael

October 17th, 2012
7:32 pm

@AtlantaGuy, what a stupid comment.

Me

October 17th, 2012
7:41 pm

We are compared to Detroit? Yeah I would say that is about right!

WestOfAthens

October 17th, 2012
7:42 pm

Makes perfect sense, look at the bottom of the rankings.

The richer one, or the residual balance, the more of those that can afford the good life.

gsmith

October 17th, 2012
8:22 pm

someone needs to write the book…. Atlanta was once a nice place to live, What in the HELL HAPPENED!!

LK

October 17th, 2012
9:33 pm

Atlanta had good leaders like Andrew Young and Governors like Jimmy Carter. Now the city is just like Philadelphia, corrupt and lot of crime. The housing problem was created by banks, builders and realtors. The politicians from here to Washington looked the other way. Now the entire metro area gets a lot less respect, unlike in the decades past.

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