Connect with us

Hi, what are you looking for?

Popular Stories

Study Ranks Naples, Florida Ranks Among Most Unaffordable Cities for Young Professionals

New research by Ohio Real Estate Source has identified Naples, Florida as one of the most unaffordable cities for young professionals.

The study analyzed property and salary data for nearly 200 U.S. cities to the cost of a two- or three-bedroom home to produce the rankings.

The cities with the worst salary-to-house-price ratio, ranking Salinas, California as the most unaffordable city for young professionals with an average salary amounting to only 7% of the cost of a three-bedroom home.

Naples came in at number 8. with an average salary amounting to just 10% of the cost of a home and where houses are 55% less affordable than the average U.S. city.

The study also compared census data for the average annual salary in each city to Zillow data on the cost of a three-bedroom family home, a ranking was produced wherein each city was given a score out of 100 to reflect their affordability.

Across all the cities in the ranking, a typical yearly salary only amounts to 22.4% of the cost of a home.

In second place is Urban Honolulu, Hawaii, with an average salary equating to 7% of the cost of a home. This makes the area 69% less affordable than the average US city.

In third is Santa Maria, California, which is 64% less affordable than the average city. An annual salary in Midland typically equals 8% of the value of a three-bedroom home.

Fourth place goes to a fourth California entry, Oxnard, with the average annual income equaling 8.9% of a standard three-bedroom property, 60% less affordable than the average US city.

In fifth is Santa Rosa, California, with an annual salary amounting to 9.1% of the cost of a family home. This makes Pittsburgh 59% less affordable than the average US city, where the typical salary equates to just 22.4% of the cost of a home.

Los Angeles, California is in sixth. LA’s average annual salary equals 9.3% of the cost of a three-bedroom property in the city, making it 58% less affordable than average.

San Diego, California is seventh. The average annual income of a San Diego resident is 9.6% of the cost of a family home – 57% less affordable than the US average.

Author

Archives

Related Articles

Governor Ron DeSantis

Florida Governor Ron DeSantis has proposed a plan to provide property tax relief to homeowners across the state, including rebate checks averaging $1,000 for...

Florida News

Approximately 370,000 homeowners’ associations (HOAs) exist in the United States, overseeing 53% of owner-occupied homes and representing roughly 75.5 million residents, as of 2024....

Business / Economy News

If you want to sell your home, you may want to make sure certain features are added. That according to realtor Ohio Real Estate...

Business / Economy News

Real estate company Redfin says another record just happened with Florida’s housing market. The state saw a 23% year-over-year increase in the number of...

Advertisement
Florida Daily
Privacy Overview

This website uses cookies so that we can provide you with the best user experience possible. Cookie information is stored in your browser and performs functions such as recognising you when you return to our website and helping our team to understand which sections of the website you find most interesting and useful.

HOW WE COLLECT E-MAIL INFORMATION:

If you sign up to subscribe to Florida Daily’s e-mail newsletter, you will provide us your e-mail address and name, voluntarily, and we will never obtain any of your contact information that you don’t voluntarily provide.

HOW WE USE AN E-MAIL ADDRESS IF YOU VOLUNTARILY PROVIDE IT TO US:

If you voluntarily provide us with your name and email address, we will use it to send you one email update per weekday. Your email address will not be given to any third parties.

YOUR CONTROLS:

You will have the option to unsubscribe to our E-mail update at anytime by clicking an unsubscribe link that will be provided in each E-Mail we send.