Birmingham area near top of pack in affordable homes

Birmingham Business Journal - by Lauren B. Cooper and G. Scott Thomas ACBJ

Birmingham now ranks third in the nation for affordable housing, outpacing at least seven other Southeastern cities.

According to a study of the nation’s largest 50 metro areas conducted by American City Business Journals, parent company of the Birmingham Business Journal, the metro area’s median monthly housing payment was $753, taking a little over 20 percent of local homeowners’ median monthly household income of $3,711.

That’s $86 more than No. 1 ranked Oklahoma City, $391 less than the national average and $2,738 less than Los Angeles, ranked the least affordable city in the nation.

The Magic City ranked highest in the Southeast as well, listed above other top affordable cities such as Memphis (No. 9), Louisville (No. 11), Charlotte (No. 12), Nashville (No. 16), Atlanta (No. 17), New Orleans (No. 1 and Jacksonville, Fla. (No. 25).