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New Orleans among the least affordable cities for first-time homebuyers

The study compares median incomes with home prices

New Orleans is among the least affordable cities for people looking to buy their first homes, according to a new Bloomberg report. Out of the 100 largest U.S. cities, New Orleans ranks at No. 27.

The study arrived at the ranking by taking the median household income of people between ages 25 and 44—"a proxy for those in their prime home-buying years"—and estimating how much is needed to purchase a single-family home in their cities as of 2015.

New Orleans has an "affordability gap" of $27,407, the difference between the median household income and the annual salary needed to buy a home.

Honolulu came out as the least affordable, with California cities rounding out the top 5.