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Only One U.S. City Affordable for Middle Class First-Time Home Buyers: Pittsburgh, PA  

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PENNY STARR

6 May 20220

4:08

First-time homebuyers who earn middle-class paychecks have been pushed out of cities across the United States, says a report from the Urban Reform Institute and the Frontier Centre for Public Policy. The only exception is Pittsburgh, Pennsylvania, the report said.

The San Francisco Chronicle detailed how unaffordable cities in California are and included additional details about the study, which looked at housing around the world:

The finding that the East Coast city now stands alone in the “affordable” category in the 2022 Demographia International Housing Affordability report was “surprising,” according to Wendell Cox, a senior fellow at the Urban Reform Institute in Houston and the Frontier Centre for Public Policy in Canada, which jointly issued the report 

“Housing affordability in virtually all markets has worsened in the last couple of years as a result of the pandemic related ‘demand shock,’” Cox said. “This huge increase in demand relative to supply has occurred as households have sought larger houses and yards.

The report, based on data from the third quarter of 2021, used the price-to-income ratio, or median house price divided by the gross median household income, to rate middle-income housing affordability. The lower the ratio, referred to as the “median multiple,” the more affordable a market is.

Affordable housing is especially important because of the surge in remote work, but according to the National Association of Home Builders almost 70 percent of households in the U.S. can’t afford the median-priced house.

Pittsburgh also comes in as the single most affordable city in the world compared to city markets in Australia, Canada, China, Ireland, New Zealand, Singapore, the United Kingdom, and the United States.

The median home price on Redfin in Pittsburgh is $231,700.

U.S. major housing markets ranked by affordability

Rankings are based on the “median multiple” or price-to-income ratio.

 

Rank	Market	Median multiple
1	Pittsburgh, PA	2.7
2	Oklahoma City, OK	3.3
2	Rochester, NY	3.3
4	St. Louis, MO-IL	3.6
5	Cleveland, OH	3.7
6	Cincinnati, OH-KY-IN	3.8
7	Buffalo, NY	3.9
8	Kansas City, MO-KS	4.0
8	Louisville, KY-IN	4.0
8	Tulsa, OK	4.0
11	Detroit, MI	4.1
11	Hartford, CT	4.1
13	Grand Rapids, MI	4.2
13	Virginia Beach-Norfolk, VA-NC	4.2
15	Columbus, OH	4.3
15	Indianapolis. IN	4.3
15	Minneapolis-St. Paul, MN-WI	4.3
18	Baltimore, MD	4.4
18	Philadelphia, PA-NJ-DE-MD	4.4
20	Atlanta, GA	4.5

Source: Frontier Centre for Public Policy, Urban Reform Institute

Last year three other cities were rated affordable along with Pittsburgh — Rochester and Buffalo, New York, and St. Louis, Missouri.

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The world's richest country is also the most unequal country on the planet. Today, average American workers have way less power relative to the corporations, investors, and institutions that rule our society than at any other point in the history of our nation. Wealth has never been so highly concentrated, and those who don't have it are forced to fight for their right to exist in a country where social mobility is almost non-existent. Over the past several decades, the ultra-rich have been rigging the same so that more and more money continues to be funneled into their pockets.  The biggest, meanest concentrations of wealth are devouring everyone else's with a big help from government policies. Since the foundation of America, "Capitalism" has come to mean something completely different. It was supposed to be about the empowerment of individuals and families and small businesses. Instead, it has become a system of exploitation. We have actually been left with Corporatism, which produces a handful of winners and a whole lot of losers. But, when wealth and power are so highly concentrated, economic rewards are doomed to flow only to the hands of the few. In the United States, the income gap between the wealthy and the rest of the population has been significantly growing, by every major statistical measure, for more than three decades. Over the past decade, paychecks at the top have skyrocketed while flatlining at the bottom. The bottom 90 percent have seen their wages grow by a mere 8.7% compared to 20.4 percent for the top 1 percent and 30.2 percent for the top 0.1 percent. According to the latest Executive Excess report, in 2021, 50 major companies reported CEO pay 1,000% larger than worker pay. Those companies include Walmart, McDonald’s, and many other highly profitable corporations. Corporate giants are so powerful that it is virtually impossible for small businesses to directly compete with them. According to the Forbes list of 400 richest Americans, three men own as much money as the bottom 50 percent. But as the US top 0.01 percent have accumulated more wealth, they have paid a smaller share of total U.S. taxes. Many of these institutions have become so big that the global economy literally cannot afford for them to fail. A handful of corporate bureaucrats control approximately 90% of the world's trade. So what happens if those companies collapse? By contrast, average workers are, of course, never "too big to fail". Big banks and large companies can always ask for bailouts, but if you're late on your debt payments you can be thrown in the streets - or, worse, you can be chucked into prison. The numbers we exposed today are proof that our system has become corrupted beyond all recognition. Now more than ever, it is time for Americans to start recoganizing their worth and start think how are we going to take power back to our hands. For that reason, in this video, brought some stunning numbers that expose the true extent of income and wealth inequality in our country. For more info, find us on: https://www.epiceconomist.com/ And visit: http://theeconomiccollapseblog.com/