{"id":11176,"date":"2024-02-14T11:00:01","date_gmt":"2024-02-14T16:00:01","guid":{"rendered":"https:\/\/www.realtyhop.com\/blog\/?p=11176"},"modified":"2024-02-14T12:51:16","modified_gmt":"2024-02-14T17:51:16","slug":"affordability-index-february-2024","status":"publish","type":"post","link":"https:\/\/www.realtyhop.com\/blog\/affordability-index-february-2024\/","title":{"rendered":"RealtyHop Housing Affordability Index: February 2024"},"content":{"rendered":"<p><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-full wp-image-10595\" src=\"https:\/\/www.realtyhop.com\/blog\/wp-content\/uploads\/2024\/02\/housing-affordability-featured-image-full-feb-2024.png\" alt=\"\" width=\"1216\" height=\"808\" \/><br \/>\n<span style=\"font-weight: 400;\">In this February 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<blockquote><p><i><span style=\"font-weight: 400;\">Is homeownership affordable or possible for the average American family?<\/span><\/i><\/p><\/blockquote>\n<p><span style=\"font-weight: 400;\">Homeownership costs continue to burden prospective and current homeowners nationwide at the start of 2024. With low inventory and high-interest rates sticking around, those considering purchasing a home will likely need to spend at least 30% of their income on monthly housing expenses. <\/span><br \/>\nFor this month\u2019s index, we calculated the monthly mortgage payments based on a 30-year fixed-rate mortgage average of 6.64%.<\/p>\n<h2><b>Key Findings<\/b><\/h2>\n<ul>\n<li>Homeowners in 80 out of the 100 major cities we analyzed spend over 30% of their annual income on homeownership.<\/li>\n<li>In the 25 most unaffordable housing markets nationwide, homeowners spend at least 46% or more of their income on homeownership costs.<\/li>\n<li>California remains unaffordable for average Americans. Three of the five least affordable cities are in the state.<\/li>\n<li>All five of the top least affordable housing markets became less expensive this month &#8211; Los Angeles, CA, Miami, FL, Irvine, CA, New York City, NY, and Long Beach, CA.<\/li>\n<li>Housing costs became more affordable in three of the more affordable housing markets this month &#8211; Detroit, MI, Wichita, KS, and Fort Wayne, IN.<\/li>\n<\/ul>\n<p>A note about this report: we adjusted our methodology to better reflect the current state of the housing market. Please see the Methodology section below for more information.<\/p>\n<h2><b>The 5 Least Affordable Housing Markets<\/b><\/h2>\n<h3><span style=\"font-weight: 400;\">1. Los Angeles, CA<\/span><\/h3>\n<p><a href=\"https:\/\/www.realtyhop.com\/for-sale\/los-angeles-ca\"><span style=\"font-weight: 400;\">Los Angeles<\/span><\/a><span style=\"font-weight: 400;\"> hosts the country\u2019s least affordable housing market. With a median list price of $1,100,000 and a mortgage rate of 6.64%, prospective buyers can expect to spend 97.08% of their income on the cost of owning a home.<\/span><\/p>\n<h3><span style=\"font-weight: 400;\">2. Miami, FL<\/span><\/h3>\n<p><a href=\"https:\/\/www.realtyhop.com\/for-sale\/miami-fl\"><span style=\"font-weight: 400;\">Miami<\/span><\/a><span style=\"font-weight: 400;\"> is the second least affordable housing market this February. Despite the median list price for a home decreasing to $735,000, an average family still needs to spend $4,342.12 monthly on mortgage payments and property taxes. <\/span><\/p>\n<h3><span style=\"font-weight: 400;\">3. Irvine, CA<\/span><\/h3>\n<p><a href=\"https:\/\/www.realtyhop.com\/for-sale\/irvine-ca\"><span style=\"font-weight: 400;\">Irvine<\/span><\/a><span style=\"font-weight: 400;\"> has the third most cost-burdened housing market. The median list price for a home in this city is $1,388,844, and homeowners can expect to spend 78.28% of their income on homeownership costs.<\/span><\/p>\n<h3><span style=\"font-weight: 400;\">4. New York, NY<\/span><\/h3>\n<p><a href=\"https:\/\/www.realtyhop.com\/for-sale\/new-york-ny\"><span style=\"font-weight: 400;\">New York City<\/span><\/a><span style=\"font-weight: 400;\"> hosts the fourth least affordable housing market. Prospective buyers with a median income of $77,338 can expect to spend 70.41% of it on mortgage payments and property taxes monthly.<\/span><\/p>\n<h3><span style=\"font-weight: 400;\">5. Long Beach, CA<\/span><\/h3>\n<p><a href=\"https:\/\/www.realtyhop.com\/for-sale\/long-beach-ca\"><span style=\"font-weight: 400;\">Long Beach<\/span><\/a><span style=\"font-weight: 400;\"> is fifth on our list of least affordable housing markets. Families should expect to spend 66.95% of their income on a home with a median list price of $780,000. <\/span><\/p>\n<h2><b>The 5 Most Affordable Housing Markets<\/b><\/h2>\n<h3><span style=\"font-weight: 400;\">1. Detroit, MI <\/span><\/h3>\n<p><a href=\"https:\/\/www.realtyhop.com\/for-sale\/detroit-mi\"><span style=\"font-weight: 400;\">Detroit<\/span><\/a><span style=\"font-weight: 400;\"> remains the most affordable housing market nationwide. The median purchase price for a home in the city is $89,000, where the average family spends $563.76 monthly on mortgage and tax payments.<\/span><\/p>\n<h3><span style=\"font-weight: 400;\">2. Toledo, OH<\/span><\/h3>\n<p><a href=\"https:\/\/www.realtyhop.com\/for-sale\/toledo-oh\"><span style=\"font-weight: 400;\">Toledo<\/span><\/a><span style=\"font-weight: 400;\"> hosts the country\u2019s second most affordable housing market. In this city, buyers with a median household income of $45,838 can expect to direct 17.7% of it toward their monthly homeownership costs.<\/span><\/p>\n<h3><span style=\"font-weight: 400;\">3. Wichita, KS<\/span><\/h3>\n<p><a href=\"https:\/\/www.realtyhop.com\/for-sale\/wichita-ks\"><span style=\"font-weight: 400;\">Wichita<\/span><\/a><span style=\"font-weight: 400;\"> is the third most affordable housing market. Housing became more affordable this month, with the median list price dropping to $194,000. <\/span><\/p>\n<h3><span style=\"font-weight: 400;\">4. Fort Wayne, IN<\/span><\/h3>\n<p><a href=\"https:\/\/www.realtyhop.com\/for-sale\/fort-wayne-in\"><span style=\"font-weight: 400;\">Fort Wayne<\/span><\/a><span style=\"font-weight: 400;\"> comes in fourth on our most affordable ranking. A household with a median income of $58,789 can expect to pay $1,168.71 on their mortgage and tax payments each month.<\/span><\/p>\n<h3><span style=\"font-weight: 400;\">5. Cleveland, OH<\/span><\/h3>\n<p><a href=\"https:\/\/www.realtyhop.com\/for-sale\/cleveland-oh\"><span style=\"font-weight: 400;\">Cleveland<\/span><\/a><span style=\"font-weight: 400;\"> became the country\u2019s fifth most affordable housing market. With a median list price of $122,000, households can spend a reasonable 25.12% of their income on homeownership.<\/span><\/p>\n<h2><b>Housing Markets to Watch<\/b><\/h2>\n<p>The following housing markets witnessed significant changes this month.<\/p>\n<h3>Cincinnati, OH<\/h3>\n<p><a href=\"https:\/\/www.realtyhop.com\/for-sale\/cincinnati-oh\"><span style=\"font-weight: 400;\">Cincinnati<\/span><\/a> increased seven spots in the rankings this month to become the 48th least affordable housing market. The median home price increased to $247,000, and homeowners can expect to spend 38.24% of their income on housing costs each month.<\/p>\n<h3>Spokane, WA<\/h3>\n<p><a href=\"https:\/\/www.realtyhop.com\/for-sale\/spokane-wa\"><span style=\"font-weight: 400;\">Spokane<\/span><\/a> became more expensive for homeowners this month, landing 40th on our list.. Households with a median income of $63,920 can expect to spend $2,181 monthly on homeownership.<\/p>\n<h3>Memphis, TN<\/h3>\n<p><a href=\"https:\/\/www.realtyhop.com\/for-sale\/memphis-tn\"><span style=\"font-weight: 400;\">Memphis<\/span><\/a> can find a less expensive market this month, dropping to the 90th least affordable slot. The median purchase price for a home decreased to $180,000, and households can expect to spend 27.41% of their income on property taxes and mortgage payments. .<\/p>\n<h2><b>Methodology<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">The RealtyHop Housing Affordability Index analyzes proprietary and ACS Census data to provide an index of housing affordability and homeownership burden across the 100 most populous cities in the country. Median home prices are calculated using over 300,000 listings in the RealtyHop database over the month prior to publication.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">To calculate the index, the following statistics are used:<\/span><\/p>\n<p><span style=\"font-weight: 400;\">1) Projected median household income<\/span><\/p>\n<p><span style=\"font-weight: 400;\">2) Median for-sale home listing prices via RealtyHop data<\/span><\/p>\n<p><span style=\"font-weight: 400;\">3) Local property taxes via ACS Census data<\/span><\/p>\n<p><span style=\"font-weight: 400;\">4) Mortgage expenses, assuming a 30-year mortgage, 6.64% mortgage interest rate based on reported weekly averages in January, and 20% down payment.<\/span><\/p>\n<h3><b>February 2024 Methodology Update<\/b><\/h3>\n<p>Instead of assuming a fixed mortgage rate, starting with this month\u2019s report, the RealtyHop Affordability Index calculates the monthly payments using the 30-Year Fixed Rate Mortgage Average reported by Freddie Mac. In the past, our calculation for median prices included all closed and active residential listings created within a month prior to the publication of each report. Moving forward, the median price is only calculated based on list prices. This change will better reflect the conditions prospective buyers face in a given market.<\/p>\n<h2><b>Full Data<\/b><\/h2>\n<div style=\"width: 100%; height: auto;\"><iframe loading=\"lazy\" style=\"sroll: hidden;\" src=\"https:\/\/www.realtyhop.com\/blog\/wp-content\/uploads\/2024\/02\/realtyhop_affordability_index_february_2024.html\" width=\"100%\" height=\"760\" frameborder=\"0\" data-mce-fragment=\"1\"><span data-mce-type=\"bookmark\" style=\"display: inline-block; width: 0px; overflow: hidden; line-height: 0;\" class=\"mce_SELRES_start\">\ufeff<\/span><span data-mce-type=\"bookmark\" style=\"display: inline-block; width: 0px; overflow: hidden; line-height: 0;\" class=\"mce_SELRES_start\">\ufeff<\/span><br \/>\n<span data-mce-type=\"bookmark\" style=\"display: inline-block; width: 0px; overflow: hidden; line-height: 0;\" class=\"mce_SELRES_start\"><br \/>\n<\/span><br \/>\n<span data-mce-type=\"bookmark\" style=\"display: inline-block; width: 0px; overflow: hidden; line-height: 0;\" class=\"mce_SELRES_start\"><br \/>\n<\/span><br \/>\n<span data-mce-type=\"bookmark\" style=\"display: inline-block; width: 0px; overflow: hidden; line-height: 0;\" class=\"mce_SELRES_start\"><br \/>\n<\/span><br \/>\n<\/iframe><\/div>\n","protected":false},"excerpt":{"rendered":"<p>In this February 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: Is homeownership affordable or possible for the average American family? Homeownership costs continue to burden prospective and current homeowners nationwide at the start of 2024. With low [&hellip;]<\/p>\n","protected":false},"author":24,"featured_media":11174,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_lmt_disableupdate":"yes","_lmt_disable":"no","footnotes":""},"categories":[2239,3],"tags":[],"class_list":["post-11176","post","type-post","status-publish","format-standard","has-post-thumbnail","category-featured","category-market-trends-and-research"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.7 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>RealtyHop Housing Affordability Index: February 2024 - RealtyHop Blog<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.realtyhop.com\/blog\/affordability-index-february-2024\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"RealtyHop Housing Affordability Index: February 2024 - RealtyHop Blog\" \/>\n<meta property=\"og:description\" content=\"In this February 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: Is homeownership affordable or possible for the average American family? Homeownership costs continue to burden prospective and current homeowners nationwide at the start of 2024. 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