I’m going to break this post up into four or five smaller bits, since I ended up collecting data on all 50 states, plus Washington, D.C. This has been a particularly interesting data collection mission; it’s fascinating to see how the price of a home can fluctuate between areas.
For part one, we’re taking the first part of the alphabet, from Alabama to Hawaii, plus DC. I covered both Los Angeles and San Francisco in California; I’ll probably cover two cities in Texas and New York, as well. I didn’t always pick the capital or most heavily-populated cities, but I tried to pick places that were fairly well known. All of my data came from the following sources:
The Council for Community and Economic Research
Birmingham, Alabama
Population: 230,130
Median Family Income: $30,481
Average Home Cost: $87, 300
Average Monthly Rent: $746
Median Monthly Income: $2,540
Average rent is 29% of median monthly income.
Anchorage, Alaska
Population: 286,174
Median Family Income: $72,832
Average Home Cost: $267,300
Average Monthly Rent: $1,089
Median Monthly Income: $6,070
Average rent is 18% of median monthly income.
Phoenix, Arizona
Population: 1,601,587
Median Family Income: $47,085
Average Home Cost: $182,300
Average Monthly Rent: $836
Median Monthly Income: $3,924
Average rent is 21% of median monthly income.
Little Rock, Arkansas
Population: 191,930
Median Family Income: $38,992
Average Home Cost: $139,000
Average Monthly Rent: $699
Median Monthly Income: $3,249
Average rent is 22% of median monthly income.
Los Angeles, California
Population: 3,831,868
Median Family Income: $48,617
Average Home Cost: $465,700
Average Monthly Rent: $1,094
Median Monthly Income: $4,051
Average rent is 27% of median monthly income.
San Francisco, California
Population: 815,358
Median Family Income: $70,770
Average Home Cost: $751,600
Average Monthly Rent: $1.363
Median Monthly Income: $5,898
Average rent is 23% of median monthly income.
Denver, Colorado
Population: 610,345
Median Family Income: $46,410
Average Home Cost: $244,600
Average Monthly Rent: $828
Median Monthly Income: $3,868
Average rent is 21% of median monthly income.
Hartford, Connecticut
Population: 124,060
Median Family Income: $28,300
Average Home Cost: $184,500
Average Monthly Rent: $817
Median Monthly Income: $2,358
Average rent is 37% of median monthly income.
Wilmington, Delaware
Population: 73,069
Median Family Income: $34,381
Average Home Cost: $176,100
Average Monthly Rent: $874
Median Monthly Income: $2,865
Average rent is 31% of median monthly income.
Washington, D.C.
Population: 599,657
Median Family Income: $59,290
Average Home Cost: $443,700
Average Monthly Rent: $1,059
Median Monthly Income: $4,941
Average rent is 21% of median monthly income.
Miami, Florida
Population: 433,136
Median Family Income: $28,999
Average Home Cost: $261,400
Average Monthly Rent: $900
Median Monthly Income: $2,417
Average rent is 37% of median monthly income.
Atlanta, Georgia
Population: 540,921
Median Family Income: $49,981
Average Home Cost: $257,200
Average Monthly Rent: $886
Median Monthly Income: $4,165
Average rent is 21% of median monthly income.
Honolulu, Hawaii
Population: 374,701
Median Family Income: $57,601
Average Home Cost: $593,000
Average Monthly Rent: $1,215
Median Monthly Income: $4,800
Average rent is 25% of median monthly income.
3 replies on “What Things Cost: Housing Part One”
This is really interesting. I always bitch and moan about NYC rent…but really, it looks to be not that far off from these other cities. I guess I don’t know what quality/location you’re getting for that money in Birmingham or somewhere….but it’s a good reality check!
I would love it if in New York you could cover an Upstate/WNY city like Buffalo (obviously, ha), Rochester, Syracuse, Binghamton, Utica, etc. There are huge, huge differences between the depressed, rust belt upstate areas and of course the “NYC” region.
Ha! I’m doing Buffalo and NYC for NY. Great minds!