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In this September edition of the RealtyHop Housing Affordability Index, we examine what American households across the 100 largest cities need to spend on housing to find out:<\/span><\/p>\n Is homeownership affordable or possible for the average American family?<\/span><\/i><\/p><\/blockquote>\n Prospective buyers still face unattractive market conditions like low inventory and interest rates. However, home prices in some cities have come down this month, creating opportunities for those who held off in previous seasons. Buyers who are flexible may consider relocating to save on mortgage payments and property taxes. <\/span><\/p>\n Miami<\/span><\/a> remains the least affordable housing market this September. The median list price for a home increased to $615,000, and homeowners can expect to spend $3,304 monthly on mortgage and property tax payments. The city continues to grapple with low inventory, and current homeowners with lower-value homes are renovating<\/a> to increase their potential sales price.<\/span><\/p>\n Los Angeles<\/span><\/a> continues to be the second most cost-burdened housing market. The median asking price of $929,000 did not shift this month, and families can still expect to spend 77.29% of their annual income on homeownership costs. <\/span><\/p>\n Newark<\/span><\/a> remains the third most unaffordable housing market nationwide. The median purchase price for a home slightly increased this month, meaning residents with a household income of $41,045 must spend 74.14% of that on their mortgage and property taxes. <\/span><\/p>\n The city\u2019s proposed zoning changes<\/a> face mixed opinions from residents concerned about environmental impacts and historic neighborhoods. The zoning changes aim to create more housing.<\/p>\n Hialeah<\/span><\/a> increased one spot in the rankings this month to become the country’s fourth least affordable housing market. Home prices continue to rise in Hialeah as people who are priced out of Miami shift their focus to the more affordable cities nearby. Buyers with a median income of $43,219 can expect to spend 67.52% on housing costs. <\/span><\/p>\n New York City<\/span><\/a> became the fifth least affordable housing market in the country. Housing prices decreased to a median of $780,000, and buyers can now expect to spend $3,980 monthly. <\/span><\/p>\n Detroit<\/span><\/a> remains the most affordable housing market this month. The median purchase price for a home decreased to $78,850, meaning that the average family would need to spend just $467 monthly on homeownership costs.<\/span><\/p>\n Wichita<\/span><\/a> is the second most affordable housing market nationwide. Housing costs did not shift this month, meaning homeowners with a median income of $63,360 can still expect to direct only 19.70% toward owning a home. <\/span><\/p>\n St. Louis<\/span><\/a> offers the third most affordable housing market for the second month in a row. Home prices slightly decreased to $175,000, and a household with an average income only needs to spend $945 monthly on mortgage payments and property taxes. The Community Development Administration recently awarded $20 million<\/a> to develop additional housing opportunities across the city. <\/span><\/p>\n Cleveland<\/span><\/a> remains the fourth most affordable market this September. An average family making $37,306 would only need to spend 22.09% of their income on mortgage and tax costs to own a home.<\/span><\/p>\n Kansas City<\/span><\/a> broke into our five most affordable cities this month. With a median home asking price of $230,000, homeowners only need to spend 23.31% of their income on housing costs. <\/span><\/p>\n The following housing markets witnessed significant changes this month.<\/p>\n Paradise<\/span><\/a> jumped seven spots this month, becoming the 48th least affordable housing market. The median home price increased to $349,900, with homeowners needing to spend 34.56% of their income on housing.<\/p>\nKey Findings<\/b><\/h2>\n
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The 5 Least Affordable Housing Markets<\/b><\/h2>\n
1. Miami, FL<\/span><\/h3>\n
2. Los Angeles, CA<\/span><\/h3>\n
3. Newark, NJ<\/span><\/h3>\n
4. Hialeah, FL<\/span><\/h3>\n
5. New York, NY<\/span><\/h3>\n
The 5 Most Affordable Housing Markets<\/b><\/h2>\n
1. Detroit, MI <\/span><\/h3>\n
2. Wichita, KS<\/span><\/h3>\n
3. St. Louis, MO<\/span><\/h3>\n
4. Cleveland, OH<\/span><\/h3>\n
5. Kansas City, MO<\/span><\/h3>\n
Housing Markets to Watch<\/b><\/h2>\n
Paradise, NV<\/h3>\n
Atlanta, GA<\/h3>\n