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In this October 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 Mortgage rates continued to ease following the Federal Reserve\u2019s latest rate cut, reaching their lowest level since 2022. However, with the 30-year fixed rate still hovering above 6%, coupled with high home prices and economic uncertainty, buyers are seeing little relief. As always, those thinking about buying should consult with local market experts to understand specific pricing in their area.\u00a0<\/span><\/p>\n Los Angeles<\/span><\/a> remains the country\u2019s least affordable housing market. The city saw a drop in the share of income needed to be allocated towards housing, and families can now expect to spend $6,190.38 monthly for a home with the median list price of $1,129,000.<\/span><\/p>\n Irvine<\/span><\/a> is the second least affordable U.S. city in our rankings this month. Households with a median income can expect to spend $6,190.38 monthly on mortgage payments and property taxes, equating to 78.42% of the annual household income.\u00a0<\/span><\/p>\n Miami<\/span><\/a> remained the third least affordable housing market this month. Households making the median income of $65,231 will need to spend 73.56% of it towards homeownership costs. Miami saw the smallest change in homeownership costs of the top least affordable housing markets in our study.<\/span><\/p>\n New York City<\/span><\/a> held onto its spot as the fourth least affordable city, with the list price of $895,000. Potential buyers should expect to spend $4,933.34 monthly on homeownership costs.\u00a0<\/span><\/p>\n Newark<\/span><\/a> remained steady as the fifth least affordable housing market. With a median list price of $449,000, an average family in Newark should expect to direct 65.28% of their income towards owning.\u00a0<\/span><\/p>\n Toledo<\/span><\/a> continues to rank as the most affordable city in the U.S. Households making the median income of <\/span>$52,207<\/span> should expect to spend <\/span>$802.17<\/span> on their monthly mortgage payments and property taxes.\u00a0<\/span><\/p>\n Detroit<\/span><\/a> remains one of the most affordable housing markets in the country. With a median list price of $110,000, households only need to allocate $672.32 a month on homeownership expenses.<\/span><\/p>\n Cleveland<\/span><\/a> rose one spot in the rankings to become the fourth most affordable housing market this month. Prospective buyers need to spend 21.68% of their income on homeownership costs. Out of the top five most affordable cities in our index, Cleveland saw the biggest increase in affordability this month as the median home price decreased to $125,000.<\/span><\/p>\n St. Louis<\/span><\/a> fell one spot in the rankings to become the fourth most affordable housing market. Homeowners would need to direct 21.68% of their income towards owning a home with the median price of $189,000.<\/span>\u00a0<\/span><\/p>\n Kansas City<\/span><\/a> remains the fifth most affordable housing market. The median list price sits at $246,500 and households can now expect to spend $1,453.53 monthly on mortgage payments and property taxes.\u00a0<\/span><\/p>\n The following housing markets witnessed significant changes this month:<\/span><\/p>\n Pittsburgh<\/span><\/a> became more affordable for prospective buyers this month, dropping to the 84th spot in our ranking. Households with a median income of $70,445 can expect to spend $1,518.73 monthly on mortgage payments and property taxes. The housing market in Pittsburgh remains strong, with the Downtown Pittsburgh area slated to see more condo sales than in previous years. Additionally, Charter Homes, a home builder in the region for many years, has announced plans to further expand into the Pittsburgh market.<\/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. 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
Pittsburgh, PA<\/strong><\/h3>\n
San Jose, CA<\/strong><\/h3>\n