According to a recent study released by Interest.com, homes are only truly affordable in half of the nation's 25 largest cities.
The Home Affordability Study shows that a median-income household can afford a median-priced home in just 14 of the 25 largest urban areas in the country. Homes are listed as largely unaffordable in San Francisco, San Diego and New York City, while Atlanta, Detroit and the Twin Cities area are generally more affordable.
For rental property managers in the more expensive areas, the lack of affordability of retail housing is heartening, as it generally means that they will continue to receive a heavy volume of rental applications.
For the future of the housing market in general, the gap in affordability is troubling. Housing prices across the country continue to grow, but the job market remains stagnant, leading many to believe that the gap will only get larger with time.