ST. LOUIS — As buying a home becomes more and more difficult for those looking to move into metro areas across the country, three cities stand out, including St. Louis as one of the last affordable markets.
According to Realtor.com, those three metro areas also include Detroit and Pittsburgh as the last areas that reportedly still provide opportunities for median-income buyers to purchase a home.
Realtor.com reports that nationally, the median home price hit $440,000 in May of this year and that the average household would need to spend 44.6% of their income on housing, which is above the recommended 30% threshold.
Scattered, severe storms Tuesday near St. Louis
As of May in St. Louis, the median home listing price clocked in at $299,000 and requires a median household income of $79,869. This means the average monthly mortgage plus tax and insurance would come out to around $1,997…