AgentMarkets & Economy

Zillow study says housing affordability factors in incomes, occupations

Incomes play a larger factor than housing costs in determining affordability
  • Buffalo, Cleveland and Toledo appear affordable for a number of occupations.
  • California is an affordable market for teachers.
  • In the Northeast, lawyers and judges can afford large percentage of homes.

Learn the New Luxury Playbook at Luxury Connect | October 18-19 at the Beverly Hills Hotel

Markets with the cheapest homes aren't necessarily the most affordable for every worker, as wages are often lower in these locales. A recent analysis by Zillow of median incomes and budgets for various occupations shows that the most affordable housing markets aren't located in the middle portion of the nation. ZouZou / "There's a lot more to homebuying affordability than just the cost of the home. Incomes vary a lot across the country -- even within the same occupation," said Dr. Svenja Gudell, chief economist for Zillow, in a statement. "There's also the question of how much of your paycheck you're willing to put toward a house payment, and whether you can find a home in your price range." The best markets cited for teachers are Bakersfield, Modesto, Stockton and Riverside, California, along with Buffalo. In these markets, teachers can afford 76 percent to 86 percent of listed homes. Bakersfield leads the group at 86.4 percent affordability. Con...