If you’ve been wondering where to put down roots, from a purely analytical standpoint, the Magic City can boast at least one powerful statistic to sway your thinking.
According to the October installment of the RealtyHop Housing Affordability Index, Birmingham ranks No. 38 of 100 cities in terms of the affordability of home ownership.
October’s home price for Birmingham was pegged at $225,000 while the share of income for homeownership was listed at 35.84 percent. The full report can be viewed here.
The nation’s top three cities for least affordable housing were, unsurprisingly, Los Angeles, New York and Miami. Cities with the most affordable housing were Detroit, Wichita, Kansas and Fort Wayne, Indiana.
Given standard mortgage and local tax rates, the average family in L.A. would need to allocate 91.4 percent of their total annual income in order to own a home. In Detroit, meanwhile, with median home prices at $49,900, coupled with household income of $27,838, families on average only need to spend 13 percent of total annual income to own.