Denver ranks 12th among the 25 largest U.S. metropolitan areas in terms of home affordability, according to research released Wednesday by Interest.com, a Bankrate company.
The median household income in the Denver area exceeds the income required to purchase a median-priced home in the Denver area by four percent, according to the report.
The top five most affordable areas are Detroit, Atlanta, Minneapolis, Phoenix and St. Louis. The least affordable are Los Angeles, Miami, San Diego, New York and San Francisco.
Mike Sante, managing editor of Interest.com, said that despite all of the talk "about how homes are more affordable than they have been in decades, buying a home is still a big challenge for many American households.
"Dealing with rising expenses and stagnant wages is a struggle. Even after years of declining home prices and record-low mortgage rates, median-income households are unable to afford a median-priced home in nearly half of the metropolitan areas," he said.
The research showed that a median income household can only afford a median-priced home in 14 of the 25 largest metropolitan areas.
Data from the U.S. Census Bureau, the National Association of Realtors, National Association of Insurance Commissioners and Experian, one of the three major credit reporting agencies, contributed to the analysis.
Howard Pankratz: 303-954-1939, hpankratz@denverpost.com or twitter.com/howardpankratz
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