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.
