TALLAHASSEE, Fla. (WTXL) - Yahoo!Finance has ranked the 10 cities where ordinary people can no longer afford homes, and Tallahassee made the list.
Yahoo!Finance says home affordability is still pretty good by historical standards, but typical buyers are once again being priced out in at least two dozen markets across the country. The website states, three factors pushing the cost of owning a home beyond the financial reach of ordinary families are that mortgage rates are ticking upward, home prices are rising as the economy recovers, and incomes are barely budging.
Yahoo!Finance used data from research firm RealtyTrac to determine where housing affordability is deteriorating the most. The markets found to be the most unaffordable for home ownership are in Northern and Southern California, then it jumps across the country to Tallahassee. In Tallahassee, the income required to purchase a typical home between 2012 and 2013 rose by 28%.
Tallahassee was also ranked in the bottom of the list for most affordable place to live and where home affordability is deteriorating the most.
For more information and to read the entire article, visit http://finance.yahoo.com/news/10-cities-where-ordinary-people-can-no-longer-afford-homes-203700652.html.