Categories
Make Money From Home

The 12 least affordable housing markets in the U.S. – CNBC

There seems to be some cooling off in the housing market. But that doesn’t mean homes are becoming more affordable everywhere.

According to RealtyHop’s housing affordability index, many cities in the U.S. are still difficult …….

There seems to be some cooling off in the housing market. But that doesn’t mean homes are becoming more affordable everywhere.

According to RealtyHop’s housing affordability index, many cities in the U.S. are still difficult to afford. Out of the 100 cities in the index, the average American would have to dedicate at least 40% of their income to own a home in 42 of them. 

The index takes into account median household income, median for-sale prices using RealtyHop listings, local property taxes using American Community Survey (ACS) Census data and mortgage expenses. Projected mortgage expenses assume a 30-year mortgage, 5.5% interest rate and 20% down payment.

Here are the 12 least affordable housing markets in the U.S., as well as the median household income, the median home price and the percentage of income required to afford homeownership in each place.  

1. Miami

  • Median household income: $44,581
  • Median home price: $610,000
  • Share of income: 87.39%

2. Los Angeles

  • Median household income: $69,695
  • Median home price: $975,000
  • Share of income: 85.34%

3. New York 

  • Median household income: $68,129
  • Median home price: $925,000
  • Share of income: 82.47%

4. Newark, New Jersey 

  • Median household income: $38,854
  • Median home price: $385,000
  • Share of income: 77.52%

5. Hialeah, Florida 

  • Median household income: $40,036
  • Median home price: $465,000
  • Share of income: 72.55%

6. Long Beach, California 

  • Median household income: $70,677
  • Median home price: $799,000
  • Share of income: 69.77%

7. San Francisco

  • Median household income: $126,117
  • Median home price: $1,388,000
  • Share of income: 66.56%

8. San Diego

  • Median household income: $89,357
  • Median home price: $950,000
  • Share of income: 65.65%

9. Anaheim, California 

  • Median household income: $80,486
  • Median home price: $834,250
  • Share of income: 63.98%

10. Santa Ana, California 

  • Median household income: $74,185
  • Median home price: $750,000
  • Share of income: 62.14%

11. Oakland, California 

Leave a Reply

Your email address will not be published.