{"id":11390,"date":"2024-08-06T11:00:37","date_gmt":"2024-08-06T15:00:37","guid":{"rendered":"https:\/\/www.realtyhop.com\/blog\/?p=11390"},"modified":"2024-08-06T10:28:32","modified_gmt":"2024-08-06T14:28:32","slug":"affordability-index-august-2024","status":"publish","type":"post","link":"https:\/\/www.realtyhop.com\/blog\/affordability-index-august-2024\/","title":{"rendered":"RealtyHop Housing Affordability Index: August 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\/08\/housing-affordability-index-august-2024-featured-image-full.png\" alt=\"Map of the least and most affordable housing markets nationwide\" width=\"1216\" height=\"808\" \/><br \/>\n<span style=\"font-weight: 400;\">In this August 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;\">American families continue facing unaffordable housing markets in most cities, yet some markets may feel relief as interest rates decrease this month. The average 30-year fixed rate went down to 6.7925%, about 20 basis points lower than the previous month. Those looking to purchase property this season should consider what others in their local housing market must pay monthly. <\/span><\/p>\n<h2><b>Key Findings<\/b><\/h2>\n<ul>\n<li>Homebuyers in 88 out of the 100 major cities we analyzed would have to spend over 30% of their annual income on homeownership; that\u2019s two less than last month.<\/li>\n<li>In the 25 most unaffordable housing markets nationwide, homeowners spend at least 47% of their income on homeownership costs.<\/li>\n<li>California remains unaffordable for average Americans. Seven of the ten least affordable markets are in California.<\/li>\n<li>Two of the five least affordable housing markets \u2014 Irvine, CA, and Newark, NJ \u2014 became less affordable this month.<\/li>\n<li>Median home prices increased in all five of the most affordable housing markets for the second month in a row: Toledo, OH; Detroit, MI; Fort Wayne, IN; Wichita, KS; and Buffalo, NY.<\/li>\n<\/ul>\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;\"> holds onto its spot as the country\u2019s least affordable housing market. The median list price dipped slightly to $1,075,000, and households can expect to spend 93.13% of their monthly income on mortgage payments and property taxes.<\/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;\"> remains the second least affordable housing market this month. Families with a median household income of $57,117 will spend $4,186.05 monthly on their homeownership costs.<\/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;\"> also maintained its spot in the rankings and is the third least affordable housing market. The median list price increased to $1,530,000, and homeowners with a median income must spend 84.78% of their income on mortgage payments and property taxes.<\/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;\"> maintains its spot as the fourth least affordable housing market. The median list price decreased to $840,500, and households can expect to spend $4,838.44 monthly on homeownership costs.<\/span><\/p>\n<h3><span style=\"font-weight: 400;\">5. Newark, NJ<\/span><\/h3>\n<p><a href=\"https:\/\/www.realtyhop.com\/for-sale\/newark-nj\"><span style=\"font-weight: 400;\">Newark<\/span><\/a><span style=\"font-weight: 400;\"> is still the fifth least affordable housing market this month. Prospective buyers can expect to spend $409,900 on a home and direct 69.25% of their monthly income toward the costs of homeownership.<\/span><\/p>\n<h2><b>The 5 Most Affordable Housing Markets<\/b><\/h2>\n<h3><span style=\"font-weight: 400;\">1. 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;\"> again ranked as the most affordable housing market in the country. With a median list price of $115,000, households can expect to spend $763.19 monthly on mortgage payments and property taxes, or 19.37% of their annual income.<\/span><\/p>\n<h3><span style=\"font-weight: 400;\">2. 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;\"> also held its spot in the rankings as the country\u2019s second most affordable housing market. Households generating a median income of $39,316 can expect to spend 19.55% of their monthly earnings on homeownership costs.<\/span><\/p>\n<h3><span style=\"font-weight: 400;\">3. 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;\"> remained the third most affordable housing market this month. The median list price increased slightly to $224,900, and buyers can expect to spend 26.38% of their income on mortgage and tax payments.<\/span><\/p>\n<h3><span style=\"font-weight: 400;\">4. 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 fourth most affordable housing market. Homeowners can expect to spend $1,397.12 a month on housing costs for a home with a median list price of $226,000.<\/span><\/p>\n<h3><span style=\"font-weight: 400;\">5. Buffalo, NY<\/span><\/h3>\n<p><a href=\"https:\/\/www.realtyhop.com\/for-sale\/buffalo-ny\"><span style=\"font-weight: 400;\">Buffalo<\/span><\/a><span style=\"font-weight: 400;\"> ranked as the fifth most affordable housing market this month. With a median list price of $184,900, households can expect to spend 28.28% of their income monthly on the costs associated with 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>Irving, TX<\/h3>\n<p><a href=\"https:\/\/www.realtyhop.com\/for-sale\/irving-tx\"><span style=\"font-weight: 400;\">Irving<\/span><\/a> is now the 40th least affordable housing market in the country. While the city only jumped four places in our rankings, the median list price increased by 4.82% to $434,999. This significant increase means households with a median income need to direct 43.29% of it toward housing costs.<\/p>\n<h3>Plano, TX<\/h3>\n<p><span style=\"font-weight: 400;\">Another part of Texas is also of note this month. <a href=\"https:\/\/www.realtyhop.com\/for-sale\/plano-tx\">Plano<\/a> dropped eight spots to become the 57th least affordable housing market. Families with a median income of $110,029 can expect to spend $3,576.34 monthly on their mortgage payments and property taxes.<\/span><\/p>\n<h3>Chesapeake, VA<\/h3>\n<p><a href=\"https:\/\/www.realtyhop.com\/for-sale\/chesapeake-va\"><span style=\"font-weight: 400;\">Chesapeake<\/span><\/a> households also watched their market become less affordable this month, moving to the 81st spot on our list. The median list price increased to $435,000, and families can expect to direct 31.92% of their income toward the costs of homeownership.<\/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 800,000 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, a 6.7925% mortgage interest rate based on reported weekly averages in July, and a 20% down payment.<\/span><\/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\/08\/realtyhop_affordability_index_aug_2024_dataset.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 August 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? American families continue facing unaffordable housing markets in most cities, yet some markets may feel relief as [&hellip;]<\/p>\n","protected":false},"author":24,"featured_media":11389,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_lmt_disableupdate":"","_lmt_disable":"","footnotes":""},"categories":[2239,3],"tags":[],"class_list":["post-11390","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: August 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-august-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: August 2024 - RealtyHop Blog\" \/>\n<meta property=\"og:description\" content=\"In this August 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? 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