Residential News »Detroit Edition | By Monsef Rachid | August 22, 2019.

According to a report from Redfin, a typical family in the San Francisco area would need to triple their annual income to comfortably purchase a median-priced home. In stark contrast, the typical family in Detroit earns more money for median-priced home.

In San Francisco, the cheapest household, the median household income of $ 92,714 falls in the $ 265,000 per year needed to afford a median-priced home, which clocks in at $ 1.42 million.

The five least affordable metrics by that measure - percentage of the area 's median household income - a family would need to buy a local median - priced home - are all in California. In the Anaheim subway, which encompasses Orange County, a household would need to earn $ 135,554 per year to afford the typical home. That's more than double the area's median household income of $ 65,331. The story is similar in San Jose, where a household would need to earn more than $ 215,000 annually to afford the typical home. That's more than double San Jose's median household income. Next come Los Angeles and San Diego, where they need to earn 186 percent and 156 percent of the areas' median household incomes to afford the typical home.

"Many people who would make this seem like a lot of money in the Bay Area," said local Redfin agent Kalena Masching. "Home prices are simply unattainable to most prospective homebuyers. a large portion of homebuyers in the area are receiving help with down payments from their family. "

At the other end of the spectrum, a family in the Detroit would only need to earn $ 26,690 per year to buy a home at the area's median price point. That's less than half of the area's $ 56,339 median income, making it the most affordable metro. It's followed by New York's western Rochester and Buffalo, along with Dayton, Ohio. There are places where families need to earn about $ 30,000 annually - just about half of each area's average household income - to buy the typical home. Rounding out the top five is Pittsburgh, where we need to earn just over $ 30,000 - much less than the area's median income - to purchase a median-priced home.

"People who live in places like Detroit, Pittsburgh and Cleveland tend to earn lower wages, but in many ways, the Midwesterners' quality of life is better. "said Redfin chief economist Daryl Fairweather. "It's no secret there's an affordability crisis in high-priced places like the Bay Area, where modest homes can sell for well over $ 1 million. Phoenix, Atlanta and Las Vegas, where homes are affordable on realistic incomes. "

An area's overall housing affordability is substantially based on the cost of living. Analyzing it just does not mean that it does not provide the full value of it. Places like San Francisco and San Jose are home to some of the highest median household incomes, but those are not enough. Contrast that with an area like Bridgeport, Connecticut, where the median household income is nearly as high as it is in San Francisco. But in Bridgeport, the typical home for $ 420,000, putting it within the realm of affordability for the typical earner.