Three Virginia regions rank in top half of affordability survey
The Richmond, Hampton Roads and Washington, D.C., areas all rank among the top 50 metros in home affordability, according to a survey by the financial website NerdWallet.
NerdWallet calculated how much house a typical family can afford in each of the nation’s 100 largest metro areas.
By looking at information on debt, median income, housing costs and home prices, the website determined how much families could spend while remaining within healthy parameters.
At 17th, Richmond ranked the highest among the Virginia metro areas on the list.
The Washington area, including Northern Virginia, was 40th, while Hampton Roads (including Virginia Beach, Norfolk and Newport News) was 48th.
Information used in the ranking included estimated median family income, average mortgage rates, annual property tax rates, suggested monthly mortgage, suggested home price and the website Zillow’s 2014 price per square foot. The data was used to arrive at a total affordable square feet figure.
The top-ranking affordable metro area was Indianapolis, followed by Memphis, Tenn; Dayton, Ohio; Cleveland; and Akron, Ohio.
Richmond ranked behind Augusta, Ga., and ahead of Louisville, Ky.
The Washington area was behind Colorado Springs, Colo., and ahead of Winston-Salem, N.C.
Hampton Roads followed Greenville, S.C., but ranked ahead of Baltimore.