Of the nation’s 100 largest metro areas, Baton Rouge is among the most affordable for first-time homebuyers aged between 25 and 44, according to a new Bloomberg analysis.
Using data from Zillow and other sources, Bloomberg ranked the metro areas on the median household income and the minimum salary required for an average monthly mortgage. On this list, a top ranking reflects the least affordable areas. Baton Rouge is ranked No. 87, with an affordability gap—or the difference between the median household income and the minimum annual salary required to buy a home—at $40,785.
New Orleans, meanwhile, is ranked No. 27 with an affordability gap, at $27,407. Baton Rouge fared better in the rankings than many of its peer cities in the South, including Charlotte, North Carolina (No. 72); Little Rock (No. 53); and Charleston, South Carolina (No. 38).
Ther six metro areas faring the worst in the rankings are locations where the minimum salary needed to afford an average mortgage outstripped actual income. Honolulu took the top spot, followed by five California metro areas: San Jose, Los Angeles, San Francisco, San Diego and Oxnard.
