{"id":11540,"date":"2024-11-13T11:00:33","date_gmt":"2024-11-13T16:00:33","guid":{"rendered":"https:\/\/www.realtyhop.com\/blog\/?p=11540"},"modified":"2024-11-13T09:59:17","modified_gmt":"2024-11-13T14:59:17","slug":"affordability-index-november-2024","status":"publish","type":"post","link":"https:\/\/www.realtyhop.com\/blog\/affordability-index-november-2024\/","title":{"rendered":"RealtyHop Housing Affordability Index: November 2024"},"content":{"rendered":"
Is homeownership affordable or possible for the average American family?<\/span><\/i><\/p><\/blockquote>\n Homeownership remains expensive for most prospective buyers nationwide. While home prices decreased across a majority of cities this month, the overall cost of owning a home is still unreachable for many households. As the Fed continues to cut interest rates, mortgage interest rates still sit near 7%. Those looking to buy a home will likely not see prices or interest rates drastically cool in the near future. <\/span><\/p>\n Los Angeles<\/span><\/a> is still the country\u2019s least affordable housing market. The median list price is $1,150,000, and households with a median income can now expect to spend a whopping 96.52% of their income on housing.<\/span><\/p>\n Irvine<\/span><\/a> held onto its spot as the second least affordable market this month. Households with a median income of $129,568 can expect to spend $9,956.92 monthly on mortgage payments and property taxes.<\/span><\/p>\n Miami<\/span><\/a> remains the third least affordable housing market. With a median list price of $695,000, households will direct 84.63% of their monthly income toward the cost of owning a home.<\/span><\/p>\n New York City<\/span><\/a> is still the fourth least affordable housing market. The median list price increased to $869,000, and families can expect to spend $4,899.29 on their monthly mortgage payments and property taxes. <\/span><\/p>\n Anaheim<\/span><\/a> made its way onto the list this month, becoming the fifth least affordable housing market nationwide. Households with a median income of $93,305 will spend 66.23% on their monthly homeownership costs.<\/span><\/p>\n Detroit<\/span><\/a> remains the most affordable housing market this month. With a median list price of $99,000, households with a median income can expect to direct $623.02 monthly toward homeownership costs.<\/span><\/p>\n Toledo<\/span><\/a> held onto its spot as the second most affordable housing market. The median list price slightly increased to $122,950, and households can expect to direct 20.09% of their income toward mortgage payments and property taxes.<\/span><\/p>\n Buffalo<\/span><\/a> became the third most affordable housing market this month. Households with a median income of $48,671 will have to direct 26.64% of it toward the monthly cost of housing.<\/span><\/p>\n St. Louis<\/span><\/a> also entered the rankings, becoming the fourth most affordable housing market. The median list price in this city is $215,000, and households will spend $1,273.64 on their mortgage payments and property taxes.<\/span><\/p>\n Cleveland<\/span><\/a> remains the fifth most affordable housing market list this month. The median list price slightly increased to $140,000. Now, households with a median income can expect to spend $898.06\/month on their mortgage payments and property taxes.<\/span><\/p>\n The following housing markets witnessed significant changes this month.<\/p>\n Arlington<\/span><\/a> moved six spots in the rankings to become the 61st least affordable housing market this month. The median list price jumped to $749,000, and households must now spend 36% of their monthly income on housing costs.<\/p>\n
\nIn this November 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>\nKey Findings<\/b><\/h2>\n
\n
The 5 Least Affordable Housing Markets<\/b><\/h2>\n
1. Los Angeles, CA<\/span><\/h3>\n
2. Irvine, CA<\/span><\/h3>\n
3. Miami, FL<\/span><\/h3>\n
4. New York, NY<\/span><\/h3>\n
5. Anaheim, CA<\/span><\/h3>\n
The 5 Most Affordable Housing Markets<\/b><\/h2>\n
1. Detroit, MI<\/span><\/h3>\n
2. Toledo, OH<\/span><\/h3>\n
3. Buffalo, NY<\/span><\/h3>\n
4. St. Louis, MO<\/span><\/h3>\n
5. Cleveland, OH<\/span><\/h3>\n
Housing Markets to Watch<\/b><\/h2>\n
Arlington, VA<\/h3>\n
Stockton, CA<\/h3>\n