The nations median home price is up to 236,400 according to the National Association of Realtors. Thats "6.5 above the year-ago price and above the peak price set in July 2006," said USA Today. And whether that seems like a bargain or a bust depends squa>
Affordability
What that translates to is a widely swinging affordability index with homeownership in some cities out of reach for only the tippy-top of its earners.
The median household income nationally is 55,132, and a buyer would "need to earn a salary of 47,253.07 to afford it," according to HSH, a leading national mortgage resource. "Yet if they put only 10 percent down instead of 20 percent, that salary increases to 54,341.84."
Those numbers bode well for cities like Dallas-Fort Worth that have lower-than-the-national-average home values albeit largely dependent on specific locations within the region, and rising more quickly than many other metros. The median sales price is 206,438 and the median household income is 72,400 in Fort Worth 73,900 in Dallas, according to DMNmedia.
But head toward Northern California, Southern California, or New York, and its a different story.
"San Francisco remains singularly unaffordable for all but the highest earners," said HSH. "To afford the median-priced home in the San Francisco metro area you will have to earn an eye-popping 141,417 a year. Los Angeles is once again more affordable than New York City, but only by a mere 159."
HSH also noted that recent home-price declines have made Cleveland the most affordable metro area studied. "Compared to Cleveland, San Francisco homebuyers need to earn over 112,000 more per year to afford a median-priced home in their metro area."
Check out HSHs cool chart to see where you stand in your city. You can also check out the National Association of Realtors Housing Affordability Index, which tracks housing prices, mortgage rates, and incomes geographically by month and year.
What can you buy for 236,400?
CNN Money took a look at how the median home price translates to homes for sale in different cities. Click here to see what 236,400 will buy you in: Colorado Springs; Ocala, FL; Phoenix; Columbus, OH; Atlanta; Boston; Kansas City, MO; Dallas; and The Bronx, NY.
Here are a few more examples:
You wont get a ton of space in this two-bedroom, two-bath, 897-square-foot Laguna Woods, CA condo, but you will get a beautiful view, a renovated kitchen, golf on two championship courses, and a bunch of amenities in the community, for 219,000.
Las Vegas was one of the cities hit hardest by the real estate market crash and is still not fully recovered, which means great deals can be had all over the area. This brand-new home from Pardee offers four bedrooms, three baths, and 1,897 square feet from just 219,950.
You can live and Chicago with room to move and a view. This two-bedroom, 1,200-square-foot condo has an open floorplan, a modern kitchen with granite and stainless steel appliances, a terrace, and a partial lake view for 229,900.
Cute, quaint, and updated in Saint Louis Park, MN, this three-bedroom, one-bath, 1,458-square-foot home is priced at 229,900.
This North Raleigh, NC charmer is spacious with four bedrooms, three baths, and 1,934 square feet, is in a great location walking distance to a park, and has a huge finished basement. Plus, it has almost a third of an acre.
