St. Louis friendly for first-time homebuyers, report says

St. Louis is one of the best metropolitan areas in the country for home affordability, according to a new report from the American Enterprise Institute.

The conservative think tank ranked 50 metro areas by affordability for first-time homebuyers, and St. Louis ranked fourth.

Pittsburgh topped the list, followed by Cleveland and Cincinnati.

San Jose, California is the least affordable market, according to the ranking, just ahead of No. 48 San Francisco and No. 49 Los Angeles.

The ranking was compiled based on the ratio of home prices to incomes.

In St. Louis, that ratio is about 2.6 to 1, according to the AEI, with an average home price of $153,000 and average gross annual income of $58,000.

Pittsburg has a ratio of 2.3 to 1. At the other end of the spectrum, San Jose’s was 5.0 to 1. The national average, according to the report, is 3.3 to 1.

Kansas City was not included in the ranking.


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