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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 Is homeownership affordable or possible for the average American family?<\/span><\/i><\/p><\/blockquote>\n While mortgage rates have inched down, affordability challenges persist, with most major markets requiring households to spend a large share of their income on housing. However, local market conditions continue to vary widely, creating pockets of opportunity for potential buyers to take advantage of. As always, those thinking about buying should consult with local market experts to understand pricing in their area.\u00a0<\/span><\/p>\n A note about this report: we adjusted our methodology to take into account income growth. Please see the Methodology section below for more information.<\/span><\/p>\n Los Angeles<\/span><\/a> remains the country\u2019s least affordable housing market. The median list price slightly decreased to $1,170,000, and families can now expect to spend 91.79% of their income on monthly housing costs.\u00a0<\/span><\/p>\n Irvine<\/span><\/a> is the second least affordable housing market. Households with a median income can expect to spend $9,677.61 monthly on mortgage payments and property taxes. That\u2019s 82.45% of their income.\u00a0<\/span><\/p>\n Miami<\/span><\/a> remained the third least affordable housing market this month. Households with a median income of $64,525 will need to direct 76.29% of it toward the cost of homeownership.\u00a0<\/span><\/p>\n New York City<\/span><\/a> held onto its spot as the fourth least affordable housing market. The median list price of $889,000, and potential buyers can expect to spend $5,100.36 monthly on homeownership.\u00a0<\/span><\/p>\n Newark<\/span><\/a> remained the fifth least affordable housing market. Households can expect to direct 71.54% of their income towards purchasing a home with the median list price of $445,000<\/span><\/p>\n Detroit<\/span><\/a> is still the most affordable housing market in the nation. The median list price currently sits at $109,000, with households only needing to allocate around $690 a month on homeownership expenses.<\/span><\/p>\n Toledo<\/span><\/a> held onto its spot as the second most affordable housing market. Households with a median income of <\/span>$51,641<\/span> should expect to spend <\/span>$843.90<\/span> on their monthly mortgage payments and property taxes.\u00a0<\/span><\/p>\n Cleveland<\/span><\/a> moved up one spot in the rankings to become the third most affordable housing market this month. The median list price decreased to $135,000, and prospective buyers can expect to direct 24.69% of their income toward the cost of homeownership.<\/span><\/p>\n St. Louis<\/span><\/a> is the fourth most affordable housing market this month, due to the 24.69% of income that homeowners would need to direct towards owning a home with the median price of $204,900.<\/span><\/p>\n Kansas City<\/span><\/a> remains the fifth most affordable housing market. The median list price sits at $250,000 and households can now expect to spend $1,530.43 monthly on mortgage payments and property taxes.\u00a0<\/span><\/p>\n The following housing markets witnessed significant changes this month:<\/span><\/p>\n Las Vegas<\/span><\/a> became more affordable for prospective buyers this month, dropping to the 32nd spot in our ranking. Households with a median income of $76,837 can expect to spend $2,648.25 monthly on mortgage payments and property taxes.\u00a0<\/span><\/p>\nKey Findings:<\/strong><\/h2>\n
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The 5 Least Affordable Housing Markets<\/strong><\/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. Newark, NJ<\/span><\/h3>\n
The 5 Most Affordable Housing Markets<\/strong><\/h2>\n
1. Detroit, MI\u00a0<\/span><\/h3>\n
2. Toledo, OH<\/span><\/h3>\n
3. Cleveland, OH<\/span><\/h3>\n
4. St. Louis, MO\u00a0<\/span><\/h3>\n
5. Kansas City, MO\u00a0<\/span><\/h3>\n
Housing Markets to Watch<\/strong><\/h2>\n
Las Vegas, NV<\/strong><\/h3>\n
Orlando, FL<\/strong><\/h3>\n