A new study from Trulia looks at zip codes around the country and home affordability based on median income, and the DC area offers some interesting results.
The zip codes inside the Beltway where all homes for sale are affordable to median wage-earning households ($100,000 a year) are all in Prince George's County. Interestingly, the zip codes where there are no affordable homes at the median salary level do not have million-dollar median home prices, but are neighborhoods in Montgomery County and northern Virginia which likely just have a higher barrier for entry, but fewer seven-figure outliers.
This study identifies the DC-area median income as $100,000, and a median price was only deemed "affordable" if a house (with 20 percent down payment, 30-year fixed-rate mortgage, insurance and property taxes) cost less than 30 percent of the metrowide monthly median income. The median prices are based on April 2019 data, and the median incomes are from the 2017 American Community Survey.
This article originally published at http://dc.urbanturf.com/articles/blog/0-to-100-the-dc-area-zip-codes-on-opposite-ends-of-the-affordability-spectr/15456
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