How Much Home Can Charlotteans Really Afford?
When it comes to home buying, there’s no bigger investment. Buying a home will likely be the largest purchase anyone makes… ever. Many factors go into the type of home you buy. Its size, its location, and the price tag are the biggest factors. Taking all that into account, along with personalized financial information, how much home can Charlotteans truly afford?
Personal finance company SmartAsset recently analyzed the country’s 25 biggest metro areas to determine which residents get the most bang for their buck. They looked at average non-mortgage related debts, median incomes, and debt-to-income ratio per household to determine the country’s top 5 cities where you get the most house for your money.
On top was St. Louis, Missouri, followed by Minneapolis/St. Paul, Minnesota. Coming in third was- good news!- the Charlotte/Gastonia/Concord metro area.
- St. Louis
- Minneapolis-St. Paul-Bloomington
- Atlanta-Sandy Springs-Roswell
- Houston-The Woodlands-Sugar Land
SmartAsset used latest U.S. Census Bureau estimates to determine the most likely median home price for the Queen City metro. They found that number to be $197,100. Given the area’s median household income and average non-mortgage related debts, Charlotte metro residents can, on average, afford 13% more than the median home value. Most importantly, that equates to around $25,000 more house.
It’s good being among the top cities. Take into account those that fell last… not surprisingly, housing markets in New York City and on the West Coast took those slots. The least affordable city goes to Los Angeles. Their median home value is over $600,000 with residents generally only being able to afford $278,000 worth of house.