Study: 61% of renters priced out of monthly mortgage payments in their metro area

Source: Scotsman Guide — 

A recent study from Porch has revealed that 61% of renters in the largest U.S. cities can’t afford to buy a home where they live.

When comparing median home prices in 260 metro areas to the income levels of renters who live there, the home improvement website found that homeownership is currently out of reach for renters in most markets. In 71% of the metros evaluated by Porch, median mortgage payments exceed 30% of the gross monthly incomes for renter households — a threshold deemed by many as the cutoff for an affordable-housing expenditure.