New Orleans one of the least affordable areas for first-time homebuyers, Bloomberg analysis says

A new Bloomberg analysis says that of the nation’s 100 largest metro areas, New Orleans is among the least affordable for first-time homebuyers ages 25 to 44.

The publication used data from real estate website Zillow and other sources to rank the areas on the median household income and minimum salary required for an average monthly mortgage. The higher the ranking, the less affordable an area is.

New Orleans is ranked No. 27 with an affordability gap at $27,407. That’s the difference between the median household income and the minimum annual salary required to buy a home.

Baton Rouge is ranked No. 87, with an affordability gap at $40,785.

Other Southern cities in the South ranked higher, including Charlotte, North Carolina, at No. 72; Little Rock, Arkansas at No. 53; and Charleston, South Carolina at No. 38.

Honolulu ranked as the least affordable, followed by five California sites: San Jose, Los Angeles, San Francisco, San Diego and Oxnard.

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