There are some obvious benefits to big city living -- there's always something to do, something to see or someone to do and see it all with -- but if you want to venture to a major urban area without breaking the bank then we have some advice for you. Do not head to California. And if you do, just stay away from the majority of our list below.
Thanks to the latest data from the Housing Opportunity Index from the National Association of Home Builders and Wells Fargo, which determined the percentage of homes sold that are considered affordable at median sales price for median income families in each respective area with a population of over 500,000 (see below for more details), we can officially declare these major metro areas as anything but wallet-friendly.
Granted that just might be the (literal) price you pay to live in the city that never sleeps, the one where stars are born and several other of America's favorites.
Median Home Price: $430,000
Median Income: $86,300
Percentage Of Homes Sold That Are Affordable: 46.8
Median Home Price: $351,000
Median Income: $87,900
Percentage Of Homes Sold That Are Affordable: 46.7
Median Home Price: $450,000
Median Income: $89,200
Percentage Of Homes Sold That Are Affordable: 37.9
Median Home Price: $432,000
Median Income: $86,700
Percentage Of Homes Sold That Are Affordable: 36.7
Median Home Price: $409,000
Median Income: $72,300
Percentage Of Homes Sold That Are Affordable: 29.0
Median Home Price: $625,000
Median Income: $101,300
Percentage Of Homes Sold That Are Affordable: 26.0
Median Home Price: $460,000
Median Income: $66,000
Percentage Of Homes Sold That Are Affordable: 23.4
Median Home Price: $424,000
Median Income: $61,900
Percentage Of Homes Sold That Are Affordable: 20.6
Median Home Price: $557,000
Median Income: $84,100
Percentage Of Homes Sold That Are Affordable: 20.0
Median Home Price: $800,000
Median Income: $101,200
Percentage Of Homes Sold That Are Affordable: 14.1
Source: National Association of Home Builders/Wells Fargo Housing Opportunity Index. Metro area population data is from Census Bureau. The Housing Opportunity Index is the percentage of new and existing homes sold that families earning the area's median income could afford during the fourth quarter ended December 31, 2013. Prices of new and existing homes are based on figures from CoreLogic and mortgage data is based on rates reported by the Federal Housing Financing Agency.
For more: Head over to the National Association of Home Builders to view the reports on affordability ranking, affordability by population and more.
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