In some markets, as few as 2.6 percent of renter households could afford the cost of an average home.
Just 15.1 percent of renter households in the United States could afford to buy an average-priced home in their area, according to an analysis from Zillow.
The crisis is worst in, unsurprisingly, West Coast markets, writes Lance Lambert in Fast Company. In San Diego, just 2.6 percent of renters could afford to buy a home. San Jose, Los Angeles, San Francisco, and Salt Lake City round out the top five most inaccessible markets, with the percentage of renters who could afford homes ranging from 2.7 percent to 3.8 percent.
The report notes, “The fact that the majority of families don’t have the income necessary to comfortably afford the typical monthly mortgage cost in their local market suggests that removing roadblocks to building more affordable housing would have the most significant impact on improving access to home ownership.”
FULL STORY: Housing affordability is so stretched that fewer than 3% of renters can afford to buy in some markets
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