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In this October 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 Homeownership is still unaffordable for many residents across the country. In most cities, housing costs increased or remained the same from last month, further limiting options for potential buyers. Those looking to purchase property this season will likely continue to face low inventory and high interest rates, even in more affordable markets.<\/span><\/p>\n Miami<\/span><\/a> is still the least affordable housing market this October. The median list price for a home remained the same, meaning homeowners can expect to spend $3,304 monthly on mortgage and property tax payments. While the city\u2019s luxury housing options continue to appeal to wealthier homebuyers, middle-class residents are struggling to purchase<\/a> property.<\/span><\/p>\n Los Angeles<\/span><\/a> is again the second most cost-burdened housing market. The median asking price increased to $949,000 this month, and families must now expect to spend 78.95% of their annual income on the cost of owning a home. <\/span><\/p>\n Newark<\/span><\/a> continues to be the third most unaffordable housing market nationwide. The median purchase price for a home did not change 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 Hialeah<\/span><\/a> is the country’s fourth least affordable housing market. Buyers with the median income of $43,219 should expect to spend 67.52% of it on homeownership costs. <\/span><\/p>\n New York City<\/span><\/a> rounds out our least affordable housing markets this October. Home prices increased to a median of $795,000, with buyers now needing to spend $4,057 monthly to own. While market conditions continue to impact transaction volume, Brooklyn properties and co-ops<\/a> that need remodeling remain a potential option for buyers.<\/span><\/p>\n Detroit<\/span><\/a> is again the most affordable housing market this October. The median purchase price for a home increased slightly to $79,000, meaning that the average family would need to spend just $468 monthly on mortgage payments and property taxes.<\/span><\/p>\n Wichita<\/span><\/a> is the second most affordable housing market nationwide. Housing became more affordable this month, as homeowners with a median income of $63,360 can expect to spend only 19.54% of their income to own a home.<\/span><\/p>\n St. Louis<\/span><\/a> continues to be the third most affordable housing market nationwide. Home prices remained the same from last month at $175,000, meaning a household with an average income needs to only spend $945 monthly on homeownership costs. <\/span><\/p>\n Cleveland<\/span><\/a> remains the fourth most affordable market this October. An average family making $37,306 would only need to spend 22.11% of their income on mortgage and tax costs to own a home. While Cleveland works to construct new homes<\/a>, it must also address property tax concerns from current homeowners. <\/span><\/p>\n Fort Wayne<\/span><\/a> became the fifth most affordable housing market in the country this month. A median-priced home costs $220,000, and households can expect to spend a reasonable $1,170 per month on homeownership costs.<\/span><\/p>\n The following housing markets witnessed significant changes this month.<\/p>\n Fremont<\/span><\/a> jumped in the rankings to become the 17th least affordable housing market this month. The median housing price increased 5.5% to $1,150,000. Median homeowners must now spend 44.90% of their income on mortgage payments and property taxes.<\/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. Fort Wayne, IN<\/span><\/h3>\n
Housing Markets to Watch<\/b><\/h2>\n
Fremont, CA<\/h3>\n
Norfolk, VA<\/h3>\n