NEW YORK — A new study by Bankrate.com ranks the top cities in terms of car affordability, with San Jose, California at the top of the list.
San Francisco came in second, followed by Seattle.
Washington, D.C. and San Diego rounded out the top five cities on the list.
Detroit came in at the bottom.
In fact, the study paints a rather dire picture for car shoppers, saying: "Are you looking to buy a new car this year? Well, you may not be able to afford it."
The researchers concluded: "A median-income household cannot afford the average-priced new car or light truck in any of the 50 largest cities in the U.S."
The formula for compiling the list included a down payment of at least 20 percent, financing lasting no longer than four years and principal, interest and insurance not exceeding 10 percent of a household's gross income.
"Of course, many people are buying expensive cars by spending more than 10 percent of their income on car payments and/or stretching the loan over six or seven years," Bankrate.com said in a statement.
Researchers pegged the San Jose median income at $87,210 and the "affordable price" of a car at $32,855.
In Detroit, the median income is calculated at $25,769 and the affordable price of a car at $6,174.
Edmunds says: West Coast car shoppers seem to have the advantage here.