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Hero households can afford median homes in 39 of 50 metros

Homes for Heroes said the analysis, which used a 3% down payment and included mortgage rates, property taxes, and insurance, found median-income households are priced out of all but one major metro.

Reported · Written up by our desk · Residential

A Homes for Heroes affordability analysis found that households led by teachers, healthcare workers, firefighters, law enforcement, and military or veterans can afford the median-priced home in 39 of the 50 largest U.S. metropolitan areas. According to the study, median-income households are priced out of all but one major metro. The report compared hero household incomes with what is needed to buy a median-priced home in each market, factoring in home prices, mortgage rates, property taxes, homeowners insurance, and a 3% down payment. The analysis said the most affordable markets for hero households are concentrated in the Midwest and Great Lakes region, with Pittsburgh and Buffalo leading. Pittsburgh ranked as the most affordable metro for teachers, healthcare professionals, and fire and law enforcement households. Buffalo ranked first for military service members and veterans. On the high-cost end, the report said coastal markets posted the biggest affordability gaps, with Los Angeles ranked least affordable for teachers and healthcare professionals. San Jose ranked last for fire and law enforcement professionals and military households, while San Francisco, San Diego, and New York were also among the least affordable markets for multiple hero occupations.

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