Housing Affordability and Price Ratios

The video explains the price to income ratio, a measure of housing affordability based on how many years of median household income are needed to buy a median-priced house. A higher ratio indicates less affordability. New York City has the fifth highest ratio among large U.S. cities, making it less affordable compared to cities like Chicago, Philadelphia, Baltimore, and Detroit.

What does a higher price to income ratio indicate about a city's housing affordability?

• The city has more housing options.

• The city is less affordable.

• The city is more affordable.

• The city has a higher population.

Which city has the highest price to income ratio outside of California?

• Chicago

• New York City

• Baltimore

• Philadelphia

How many years of median household income does it take to afford a median-priced house in New York City?

• 9.8 years

• 7.2 years

• 12.3 years

• 5.5 years

Which of the following cities is mentioned as having more affordable housing than New York City?

• Los Angeles

• Chicago

• San Francisco

• Miami

What metric is used to compare housing affordability between cities?

• Number of available houses

• Population density

• Price to income ratio

• Average rent prices