Wichita is the third least expensive housing market in the July 2019 RealtyHop Housing Affordability Index.

In the July installment of the RealtyHop Housing Affordability Index, the company investigates the decision to purchase a home in the 100 most populous cities across America. Is homeownership affordable or even possible for the average family in each city?

The RealtyHop Housing Affordability Index analyzes both proprietary and ACS Census data to provide an index of housing affordability and homeownership burden across the 100 most populous cities in the country. Median home prices are calculated using over 300,000 listings in the RealtyHop database over the month prior to publication.

To calculate the index, the following statistics are used:

1) Median household income from the U.S. Census

2) Median for-sale home listing prices via RealtyHop data

3) Local property taxes via ACS Census data

4) Mortgage expenses, assuming a 30 – year mortgage, 4.5% interest rate, and 20% down payment.

The 5 Least Affordable Housing Markets

1. Los Angeles, CA

2. Miami, Fl

3. New York, NY

4. San Francisco, CA

5. San Diego, CA

The Five Most Affordable Housing Markets

100 Detroit, MI

99 Fort Wayne, IN

98 Wichita, KS

97 Cleveland, OH

96 Indianapolis, IN

Here’s a look at the affordability index of some cities in the Midwest and for some towns you can lease likely afford.

98 Wichita has a median income of $48,982 and a median home asking price of $139,900 requiring 17.65% of annual income to own a home. Average monthly mortgage payment is $720.26

91 Kansas City has a median income of $50,136 and a median home asking price of $190,000 requiring 23.34% of annual income to own a home. The Average monthly mortgage payment is $975.29.

90 Oklahoma City, OK has a median income of $51, 581 and a median home asking price of $209.900 require 24.05% of annual income to own a home, for an average monthly mortgage payment of $1,033.86.

81 Omaha, NE has a median income of $53,789 and a median home asking price of $205,000 requires 25.48% of annual income to own a home, for an average monthly mortgage payment of $1,142.16.

80 St. Louis, IL has a median income of $38,664 with a median home asking price of $169,900 requires 25.79% of annual income to own a home, for an average monthly mortgage payment of $830.87.

60 Fort Worth, TX has a median income of $57,309 and a median home asking price of $220,000 requiring 29.69% of annual income to own a home. The average monthly mortgage payment is $1,102.93.

59 Tulsa, OK has a median income of $44,577 and a median home asking price of $220,000 requiring 29.69% of annual income to own a home. The average monthly mortgage payment is $1,102.93.

26 Atlanta, GA has a median income of $51,701 and a median home asking price of $399,900 requiring 40.92% of annual income to own a home. The average monthly mortgage payment is $1,722.90.

19 Dallas, TX has a median income of $47,285 and a median home asking price of $328,200 requiring 44.59% of annual income to own a home. The average monthly mortgage payment is $1,756.97.

4. San Francisco, CA has a median income of $96,265 and a median home asking price of $1,299,000 requiring 73.8% of annual income to own a home, for an average monthly mortgage payment of $5,921 per month.

3. New York, NY has a median income of $57,782 and a median home asking price of $899,900 requiring 85.3% of annual household income, for an average monthly mortgage payment of $4,107.27.

2. Miami, FL has a median income of $33,999 and a median home asking price of $510,000 requiring 87.2% of total annual income to cover mortgage and tax costs, for an average monthly mortgage payment of $2,488.17.

1. Los Angeles, CA has a median income of $54,501 and a median home asking price of $899,000 requiring 91.4% of total annual income to cover mortgage and tax costs, for an average monthly mortgage payment of $4,151.11.

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