Zillow study shows the metros that buck the national trend
A new analysis shows that home buyers in the suburbs of America’s largest metros are some of the least affordable markets.
Zillow’s research finds that nationally, suburbs require a lower share of household income (20.2%) for monthly mortgage payments than urban areas (26.5%) with those buying in rural areas needing the lowest share (13.4%).
This is also true in many major metros; in Seattle for example, metro buyers need to commit 40.4% of their income to housing costs, compared to 27.4% in the suburbs, and 24.4% in rural areas.
However, in 17 of the 35 top metros buyers would find the suburbs a greater financial burden.
This includes San Diego, where urban living is the most affordable with a 35% share of income required for mortgage payments, rural taking 37.3%, and suburban requiring 40.9%.
|
Metropolitan |
% Income |
% Income |
% Income |
% Income |
% Income |
% Income |
|
United States |
13.4% |
20.2% |
26.5% |
23.9% |
31.8% |
36.8% |
|
New York, NY |
21.0% |
27.4% |
40.0% |
34.8% |
40.8% |
36.9% |
|
Los Angeles-Long |
21.9% |
46.2% |
45.3% |
36.0% |
48.6% |
48.0% |
|
Chicago, IL |
13.4% |
16.4% |
15.3% |
24.5% |
30.0% |
27.9% |
|
Dallas-Fort |
13.6% |
16.7% |
26.8% |
26.1% |
29.2% |
38.8% |
|
Philadelphia, PA |
17.9% |
18.7% |
9.8% |
28.0% |
30.5% |
20.9% |
|
Houston, TX |
13.2% |
14.6% |
18.3% |
28.3% |
29.5% |
29.8% |
|
Washington, DC |
16.4% |
19.6% |
24.8% |
21.1% |
25.8% |
29.8% |
|
Miami-Fort |
19.0% |
26.1% |
23.9% |
37.4% |
43.9% |
41.3% |
|
Atlanta, GA |
11.8% |
15.5% |
24.6% |
21.7% |
26.4% |
35.4% |
|
Boston, MA |
20.0% |
26.2% |
28.8% |
28.8% |
33.5% |
34.7% |
|
San Francisco, CA |
50.9% |
35.4% |
44.5% |
43.8% |
35.1% |
39.3% |
|
Detroit, MI |
18.6% |
15.7% |
4.1% |
25.3% |
27.8% |
15.3% |
|
Riverside, CA |
13.9% |
29.3% |
18.8% |
23.1% |
38.5% |
27.7% |
|
Phoenix, AZ |
17.3% |
21.4% |
17.3% |
23.7% |
27.8% |
24.6% |
|
Seattle, WA |
24.4% |
27.4% |
40.4% |
29.0% |
31.3% |
35.3% |
|
Minneapolis-St |
15.0% |
17.5% |
16.9% |
22.7% |
26.9% |
26.2% |
|
San Diego, CA |
37.3% |
40.9% |
35.0% |
39.9% |
43.0% |
39.1% |
|
St. Louis, MO |
11.9% |
13.0% |
10.4% |
20.5% |
24.1% |
18.9% |
|
Tampa, FL |
15.7% |
19.5% |
16.7% |
27.3% |
31.9% |
29.5% |
|
Baltimore, MD |
21.3% |
17.2% |
6.0% |
28.3% |
26.5% |
18.3% |
|
Denver, CO |
27.8% |
25.8% |
26.7% |
32.7% |
32.7% |
32.4% |
|
Pittsburgh, PA |
12.3% |
12.8% |
8.7% |
20.8% |
22.9% |
20.9% |
|
Portland, OR |
24.9% |
26.2% |
28.2% |
29.8% |
31.3% |
31.1% |
|
Charlotte, NC |
12.0% |
16.8% |
31.4% |
21.3% |
26.5% |
34.5% |
|
Sacramento, CA |
32.5% |
28.2% |
37.1% |
35.4% |
33.0% |
36.3% |
|
San Antonio, TX |
20.9% |
14.7% |
11.3% |
31.6% |
27.9% |
24.1% |
|
Orlando, FL |
20.6% |
21.1% |
11.7% |
31.5% |
32.5% |
26.2% |
|
Cincinnati, OH |
12.5% |
12.9% |
9.5% |
23.0% |
25.2% |
21.4% |
|
Cleveland, OH |
16.9% |
13.6% |
6.3% |
30.8% |
27.1% |
19.2% |
|
Kansas City, MO |
13.0% |
13.6% |
7.2% |
23.3% |
25.9% |
15.9% |
|
Las Vegas, NV |
20.1% |
24.0% |
16.8% |
26.9% |
28.5% |
25.1% |
|
Columbus, OH |
14.6% |
14.4% |
11.4% |
25.5% |
26.8% |
20.9% |
|
Indianapolis, IN |
11.3% |
12.2% |
6.2% |
23.4% |
24.6% |
15.6% |
|
San Jose, CA |
23.2% |
58.2% |
53.8% |
24.1% |
36.6% |
35.6% |
|
Austin, TX |
14.0% |
18.4% |
26.4% |
23.9% |
27.2% |
31.2% |
