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In this September 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 specific pricing in their area.\u00a0<\/span><\/p>\n A note about this report: We adjusted our methodology to take into account both median household income growth and mortgage rate fluctuations. Please see the Methodology section below for more information.<\/p>\n Los Angeles<\/span><\/a> remains the country\u2019s least affordable housing market. The median list price slightly decreased to $1,150,000, and families can now expect to spend 87.89% 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 $9,692.99 monthly on mortgage payments and property taxes, equating to\u00a0 82.22% of household income.\u00a0<\/span><\/p>\n Miami<\/span><\/a> remained the third least affordable housing market this month. Households making the median income of $64,803 will need to spend 74.27% of it towards homeownership costs<\/span><\/p>\n New York City<\/span><\/a> held onto its spot as the fourth least affordable housing market, with the list price of $899,000. Potential buyers should expect to spend $5,047.22 monthly on homeownership costs.\u00a0<\/span><\/p>\n Newark<\/span><\/a> remained steady as the fifth least affordable housing market. Households should expect to direct 66.90% of their income towards purchasing a home with a median list price of $450,000<\/span><\/p>\n Toledo<\/span><\/a> became the most affordable housing market. Households making the median income of <\/span>$51,864<\/span> should expect to spend <\/span>$817.75<\/span> on their monthly mortgage payments and property taxes.\u00a0<\/span><\/p>\n Detroit<\/span><\/a> also remains one of the most affordable housing markets in the country. With a median list price of\u00a0 $109,900, households only need to allocate $682.93 a month on homeownership expenses.<\/span><\/p>\n St. Louis<\/span><\/a> moved up one spot in the rankings to become the third most affordable housing market. Homeowners would need to direct 22.92% of their income towards owning a home with the median price of $195,000.<\/span>\u00a0<\/span><\/p>\n Cleveland<\/span><\/a> dropped one spot in the rankings to become the fourth most affordable housing market this month. The median list price decreased to $129,500, with prospective buyers needing to spend 22.98% of their income on homeownership costs<\/span><\/p>\n Kansas City<\/span><\/a> remains the fifth most affordable housing market. The median list price sits at $249,900 and households can now expect to spend $1,499.10 monthly on mortgage payments and property taxes.\u00a0<\/span><\/p>\n The following housing markets witnessed significant changes this month:<\/span><\/p>\n Greensboro<\/span><\/a> became more affordable for prospective buyers this month, dropping to the 69th spot in our ranking. Households with a median income of $64,251 can expect to spend $1,649.30 monthly on mortgage payments and property taxes. Greensboro\u2019s new Housing and Strategy Development Director, Samuel Hunter, began his role this month, looking to increase accessibility to affordable housing.<\/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. Toledo, OH<\/span><\/h3>\n
2. Detroit, MI\u00a0<\/span><\/h3>\n
3. St. Louis, MO\u00a0<\/span><\/h3>\n
4. Cleveland, OH<\/span><\/h3>\n
5. Kansas City, MO\u00a0<\/span><\/h3>\n
Housing Markets to Watch<\/strong><\/h2>\n
Greensboro, NC<\/span><\/h3>\n
Tampa, FL<\/span><\/h3>\n