Memphis ranks number 73 out of the 100 cities in this month’s index by Realtyhop.
Its position is no change from last month.
A family needs to set aside 26.17% of their annual income, a 3.64% change from last month.
The RealtyHop Housing Affordability Index analyzes both proprietary and ACS Census data to provide an index of housing affordability and homeownership burden across the 100 most populous cities in the country. Median home prices are calculated using over 300,000 listings in the RealtyHop database over the month prior to publication.
To calculate the index, the following statistics are used:
1) Projected median household income
2) Median for-sale home listing prices via RealtyHop data
3) Local property taxes via ACS Census data