According to today’s San Francisco Chronicle (via CNN Money report slideshow) my hometown has dubious silver medal:
The study looked at median home price and the median income of cities around the country and came up with an affordability score. The score indicates the percentage of homes that a family earning the median income in that area can afford to buy. San Francisco’s affordability score was 32%. This wasn’t far behind the least affordable city in the U.S., which was Manhattan. Residents earning the median income in New York City could afford about 29.4% of the homes being sold in that area.
This isn’t a big surprise. Who doesn’t know that San Francisco is uber expensive? But as Measure of America showed us, California really has five states. Modesto, 92 miles from San Francisco, is in the top five affordable cities nationwide—because of collapsed housing prices.
