It not only includes the most populous city in the U.S.
That’s because the New York statistical area is huge. That brings us to an important note: Because Bloomberg’s ranking used metropolitan statistical areas as proxies for cities, New York looks more affordable than most Americans probably consider it. The outlook is “really great if you're in the middle part of the country, and not-so-great if you’re on the western or eastern extremes.” “We really see this vastly different story about the prospects for homeownership if you're a young household,” said Ralph McLaughlin, chief economist at real-estate search engine Trulia. Pittsburgh and Baltimore also ranked among the most reasonable, followed by the regions near Minneapolis Kansas City, Missouri and Omaha, Nebraska-three other Midwestern cities. That compares with the area’s median household income of about $72,200 last year, making it the most affordable for a would-be buyer. In the region of Des Moines, Iowa, the estimated monthly mortgage is just $613, implying an annual income of just over $22,000 needed to make payments. Swaths of the Midwest offer first-timers the best deal, the Bloomberg Housing Affordability Index shows.
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