Luxury Living Costs the Most in S.F.
San Francisco displaced New York as the nation’s least affordable metropolitan area for executive housing, and Oklahoma City remains the most affordable, a survey found.
The survey, released this week by Ernst & Young’s Kenneth Leventhal Real Estate Group, compared the cost of buying a four-bedroom home or renting a two-bedroom luxury apartment with median take-home family income in 75 areas.
On average, such luxury housing would take 39.7% of a San Francisco family’s income, compared with 16% in Oklahoma City, the firm found.
The housing bite is 38.3% in New York and 36.8% in Los Angeles, the third-most expensive area.
Following Los Angeles were Honolulu (33.1%); Miami and Boston (both 32.1%); Oakland-East Bay (31.5%); El Paso (31.1%); Pittsburgh (30.8%); and San Jose (29.9%).
The most affordable places to live, after Oklahoma City, were Tulsa, Okla. (17.1%); Richmond, Va. (18.3%); Kansas City, Mo. (18.4%); Houston (18.7%); Denver (18.9%); Raleigh-Durham, N.C. (19.3%); Dallas (19.4%); Louisville, Ky. (19.8%); and Reno (20%).
The firm looks at luxury housing to give its corporate clients information to help them make decisions on relocating executives.
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