ANN ARBOR, Mich. (Michigan News Source) – A national housing affordability study found that nearly 77% of Ann Arbor renters can’t afford to buy a home locally. HireAHelper, a business that helps people move, ranked Ann Arbor at the 83rd most unaffordable location in the U.S. out of 250 large metro areas it studied.

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Using a median home price of $356,934, the study concluded that median renter income falls short of the affordability threshold by more than $30,000. The study define the threshold as 30% of gross income or less spent on mortgage payments. Ann Arbor has the highest percentage of renters who cannot afford home ownership among Michigan metro areas.

Of metros considered in the study, only three had home prices that would be affordable for more than 80% of renters. Two of these, Kalamazoo and Jackson, are in Michigan. The third is Johnstown, PA.

“Looking at the 10 most affordable areas for renters looking to jump onto a housing ladder without it breaking the bank, five are either in Michigan or Illinois, while a total of three exist in Pennsylvania,” the study found.

According to data from the National Association of Realtors, which is cited in the study, housing affordability around the country has hit its lowest point since 1965.

“It hasn’t been this hard for a family with an average income to quality for a mortgage loan on an average-priced home in over six decades,” the study claimed. “For starters, mortgage interest rated are at 6.65% according to Freddie Mac—the highest they’ve been since the Great Recession. This means potential mortgage repayments for buyers would be a lot higher than they would have been even just a few years ago.”

The study also notes that affordable starter homes are in short supply, a problem compounded by inflation and the increasing cost of necessary goods.

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“Today, nearly two-thirds of renters can’t afford to buy a home in the metro where they live,” the study reported. “In two major U.S. metropolitan areas, [San Lui Obispo-Paso Robles, CA, and Prescott, AZ,] the share of renters priced out of home ownership is a staggering 99%!”