Rejoice, New Yorkers!
Aug. 26, 2016 — There are four U.S. cities that are even more insanely expensive than this one.
We reported recently that New York City’s rate of homeownership is roughly half the national average. But the mortgage data website HSH.com has released a survey that reveals a startling new fact: there are four American cities where the salaries needed to afford the median home sale price are actually higher than in New York.
The winners of this dubious distinction are San Francisco ($161,947), San Diego ($109,440), Los Angeles ($92,091), and Boston ($87,556). All it takes to buy a home in New York is a paltry annual salary of $86,215.
On the other end of the spectrum, the cities with the most affordable housing are Pittsburgh, Cleveland, Cincinnati, St. Louis and Detroit, which all fall well below the national average of $52,699.