Suburbs Don't Offer Affordability Relief for Home Buyers in Largest U.S. Markets
October 10, 2018 / WPJ Staff
Based on new research by Zillow, housing affordability across the U.S. is especially tough in the nation's urban areas, but in the country's largest metros it's often the suburbs that are the least affordable. Urban home buyers nationwide have to dedicate a larger share of their income to monthly mortgage payments (26.5 percent) than buyers in the suburbs or rural areas do - 20.2 percent and 13.4 percent, respectively. In urban areas of the Seattle metro, for example, buyers would need to dedicate 40.4 percent of their income to monthly housing costs, more than they would have to in either the suburbs (27.4 percent) or rural areas (24.4 percent). The same holds true in less than a third of the country's largest markets.