How can one measure the housing affordability of a city or region? One common option is to focus on a region’s median home price (or the median home price divided by median income). I’ve used this method myself, and regional medians will often be the best tool available.
But sometimes, this method leads to absurd results. For example, the median home price for metropolitan Atlanta is $150,000, which makes Atlanta seem like a remarkably affordable housing market.(1)