BOSTON (CBS) – It may come as no surprise, but Boston is one of the least affordable places to buy a home. A new report from real estate website RealtyHop puts the city fifth on its list of least affordable housing markets.
This is the first time Boston has broken the Top 5, RealtyHop said.
“An increase in home prices to $729,000 led to this rise,” the list states. “The average household in the city now needs to allocate 65.71% of annual income toward homeownership costs.”
San Francisco, New York, Miami and Los Angeles are the only cities said to be less affordable for home buyers.
Looking for cheap housing? RealtyHop said Detroit leads the way with an “extremely affordable” median home price of $50,000, followed by Fort Wayne, Indiana; Wichita, Kansas; Cleveland and Bakersfield, California.
The ranking factored in household income, listing prices, local property taxes and mortgage expenses.