The Center for Housing Policy and the Center for Neighborhood Technology has revealed the results of a new study of which cities are the best/worst for the middle class affordablity wise, and RadarOnline.com has the details.
The study looks at moderate-income households in the 25 largest metro areas and determines affordability based on the percentage of income a household spends on housing and transportation.
The top 10 most affordable metro areas (households that spend the smallest percentage of their income on housing and transportation) are: Washington DC, Philadelphia, Baltimore, Minneapolis, Boston, San Francisco, Pittsburgh, St Louis, Denver, New York City.
The top 10 least affordable metro areas (households that spend the largest percentage of their income on housing and transportation) are: Miami, Riverside-San Bernardino, Calif., Tampa, Los Angeles, San Diego, Atlanta, Sacramento, Phoenix, Houston and Portland.
With their inexpensive and efficient mass transit systems, its no surprise New York City, San Francisco and Washington DC all make the top 10 most affordable areas.
According to the study, South Beach dwellers reported spending 72 percent of household income on transportation and housing, while the total was 69 percent in the Riverside-San Bernardino area.
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