If you’re a median-income worker struggling to reach your dream of owning a home, you have some company.
A recent Insure.com study finds that many Americans are having difficulty affording the price of home ownership.
Study results show that a median-income household can only afford a median-priced home in 10 of the 25 largest U.S. metropolitan areas. Surprisingly, the researchers say this is an improvement from last year.
If you’re looking for a more affordable place to plant some roots, you’ll have the best luck in Atlanta, Minneapolis, or St. Louis. These were found to the most affordable metro areas. If you’ve got money to burn, head for San Francisco–it was found to be the least affordable.
“Low mortgage rates are helping home affordability to some extent, but the key ingredient — which has been missing to this point — is substantial income growth,â€ according to Mike Sante, managing editor of Interest.com. “Millennials, in particular, are struggling to overcome their student loans and save enough money for a down payment.â€
Go here for the full study. And stay tuned for the second half of this story for some key insights from one of Insure.com’s experts.