Study Conclusion: California Housing Most Expensive
May 4th, 2008 · by Bob Meyer · No CommentsBizJournals ranked housing affordability in the nation’s metropolitan areas. Their suggestion: If you are looking for affordability, avoid California — six of the seven most-expensive places for housing are found in the golden state.
The study compared median home payments, property taxes and household incomes in 50 metropolitan areas. L.A. was the most expensive, the monthly housing tab estimated to be more than 75% of the median household income, with a monthly mortgage-and-tax payment of $3,491.
Most affordable was Oklahoma City, where housing is but 19% of median income, and $667for mortgage payments and taxes.
The complete rankings are found at www.bizjournals.com, go to “Online Edition” and then click “Special Reports.”
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