A family earning two median incomes can’t afford a median-price home in most large U.S. cities, but that’s not the case in Hartford, according to a report from national brokerage Redfin.
A comparison of 2012 income data and 2014 pricing data across 40 large cities found that a two-salary family would find the most affordable options in Hartford, Redfin said. Approximately 78 percent of available Hartford’s homes would be considered affordable by the study’s standards — monthly payments of 28 percent of gross income or lower.
That compares to a national average of 41 percent, Redfin said.
The percentage drops steeply when only one median salary is available. Approximately 19 percent of available Hartford homes are affordable on one salary, assuming a median price of $230,000 the report said.
Broken down by profession, 93 percent of Hartford homes are affordable on a single manager’s salary, 82 percent are affordable on an engineer’s salary, and 77 percent are affordable on a professor’s salary.
Hartford was trailed by Richmond, Va., Camden, N.J., Philadelphia, Penn., and Atlanta, Ga.
The state with the smallest ratio of affordable homes was California.
Image credit:Â freedigitalphotos.net
