Fork over half your paycheck if you want to own a home in Orlando

click to enlarge Fork over half your paycheck if you want to own a home in Orlando
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If you're reading this after a 45-minute drive home on the roadway panic attack we call I-4, you already know what's up: It's easier to endure the daily traffuck than forking over half your paycheck to own a home in Orlando.

The median household in Orlando would have to spend 41 percent of their annual income to purchase a house in the City Beautiful, according to a March report from the RealtyHop Housing Affordability Index.

It's not because Orlando homes are particularly expensive – the report lists the median for-sale listing price in the city at $318,750. But the city's median household income is pretty low at $45,436, which probably has something to do with the fact that Florida's minimum wage remains a depressing $8.46 per hour and the region is rife with low-paying jobs.

Spending close to half your annual income on a mortgage, property taxes and other household needs puts Orlando homeowners square in the "cost-burdened" category. Cost-burdened households spend more than 30 percent of their income on rent or mortgage rather than food, transportation, health care and other necessities. In Orlando, one out of every three households falls into this category.

The RealtyHop report listed Orlando as the 25th least affordable housing market out of 100 major cities in the U.S. Both Miami and Hialeah ranked in the top 10 of least unaffordable markets.

Miami, which ranked second as the most cost-burdened city for homeowners in March, requires the average family earning $33,999 to spend almost 86 percent of their income for the median price on a household, which is worth $499,000.

"In markets with very high home prices relative to income, average households will continue to rent rather than buy," RealtyHop says in a statement. "While purchasing a home is already difficult in many places across America, those at the top of our list experience a climate that makes it almost impossible for the average family to own a home."

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