Online Extra: The Price of Luxury

The BusinessWeek Luxury Housing Affordability Index shows huge differences between cities. The higher the index, the more affordable the market.

HOW WE CREATED THE INDEX

The usual affordability index tells whether a midmarket house is within the budget of a middle-income family. BusinessWeek's index, based on house-price data from Fidelity National Financial Inc., looks at the top 10% of house prices and incomes. An index value of 100 means that given prevailing mortgage rates, a family earning just enough to be in the top 10% of incomes in a metro area should be able to afford a house that is just in the top 10% of prices. Note: This is an extended, online-only version of the table in the Dec. 27, 2004 issue of BusinessWeek

For information on housing prices in cities all around the U.S., visit the Office of Federal Housing Enterprise Oversight Web site.

  Luxury housing
  Luxury home price affordability index
Atlanta 330,000 212
Baltimore 569,980 113
Boston 815,000 103
Chicago 503,635 136
Cleveland 275,000 156
Denver 430,000 153
Detroit 332,150 195
Los Angeles-Long Beach 870,000 72
Miami 620,000 86
Minneapolis-St. Paul 410,450 168
Nassau-Suffolk NY 820,400 100
Newark,NJ 705,100 122
New York 750,000 91
Oakland CA 865,000 96
Orange County CA 1,150,000 66
Philadelphia 399,900 172
Phoenix-Mesa 394,740 151
Pittsburgh 248,700 220
Portland--Vancouver 375,000 171
Riverside-San Bernardino 500,000 107
San Diego 890,000 73
Seattle 564,000 117
St. Louis 325,000 193
Tampa-St. Petersburg-Clearwater 340,000 158
Washington DC 760,200 109
San Francisco 1,342,000 79

* Third quarter 2004, in thousands of dollars

Data: Fidelity National Financial Inc., Housing & Urban Development Dept.

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