{"id":4814,"date":"2020-02-26T08:07:11","date_gmt":"2020-02-26T13:07:11","guid":{"rendered":"https:\/\/www.realtyhop.com\/blog\/?p=4814"},"modified":"2020-02-26T09:22:21","modified_gmt":"2020-02-26T14:22:21","slug":"realtyhop-housing-affordability-index-march-2020","status":"publish","type":"post","link":"https:\/\/www.realtyhop.com\/blog\/realtyhop-housing-affordability-index-march-2020\/","title":{"rendered":"RealtyHop Housing Affordability Index: March 2020"},"content":{"rendered":"
Los Angeles, CA<\/a> continued to be the most cost-burdened city in the United States for homeowners this March. The city saw its affordability index jump to 91.33%, meaning the average household in LA would need to allocate over 91% of total annual income toward homeownership costs. In reality, this means most families in the city do not have the option to buy, and will need to continue renting.<\/p>\n New York, NY<\/a>\u00a0came in as the second least affordable market. While median income was strong at $57,782, real estate prices at $925,000 made homeownership difficult. The average family in New York would need to spend 87.68% of total annual income to own a home.<\/p>\n Miami, FL<\/a> saw its affordability index remain stable over the past month, down just 0.2%. Given household income of $33,999, and home prices of $499,000, the average family in Miami should expect to spend 85.93% of total income to cover homeownership costs<\/p>\n San Francisco, CA<\/a> continued to command the highest real estate prices of any major city in the country at $1.399 million. Strong household incomes were not enough to outweigh this, as the city\u2019s affordability index came in just shy of 80%. The average family would need to spend $6,377 per month in order to own a home.<\/p>\n Jersey City, NJ<\/a> placed as the fifth most cost-burdened housing market, with its index remaining stable at 68.51%. The average family in Jersey City would need to spend $3,582 per month in order to cover the mortgage and local tax costs associated with homeownership.<\/p>\n<\/div>\n Detroit, MI<\/a> experienced a hike in real estate prices over the past month, driving its homeownership burden 4.76% higher. Despite this increase, an average family in the city would only need to allocate 14.34% of total annual income toward the costs of owning a home.<\/p>\n Fort Wayne, IN<\/a>\u00a0became the second most affordable housing market in the country this March. Affordable real estate prices at $126,500, coupled with household incomes of $45,853, made Fort Wayne a strong location to purchase a home. The city\u2019s affordability index came in at 16%, a slight 1.28% increase over February.<\/p>\n Wichita, KS<\/a>\u00a0fell one spot on our most affordable list, as real estate prices increased to a median of $129,500. As a result, the city\u2019s homeownership burden jumped 3.6% month over month to 16.33%. The city still remains a great place for a family to purchase a home.<\/p>\n Cleveland, OH<\/a> became more affordable for homeowners over the past month, as prices dropped from $79,900 in February to a median of $77,000. An average household in the city would need to spend only $418 per month, or 18% of total annual income, in order to own a home.<\/p>\n Kansas City, MO<\/a> rounded out our top five most affordable markets. The city saw a favorable affordability index of 21.49%, driven by strong household income of $50,136, and affordable housing at a median of $174,900.<\/p>\n<\/div>\n <\/p>\n New Orleans, LA<\/a> increased six spots to take 52nd place on our list, due to a jump in home prices. An average household in New Orleans would need to allocate $1,002 per month toward mortgage and tax costs, or about 31% of total annual income.<\/p>\n Oklahoma City, OK<\/a> jumped five spots to 85th place this month. The city became less affordable as home prices increased to $209,900, compared with $205,000 last month. This led to a 2.39% increase in its affordability index.<\/p>\nNew York, NY<\/h3>\n
Miami, FL<\/h3>\n
San Francisco, CA<\/h3>\n
Jersey City, NJ<\/h3>\n
The 5 Most Affordable Housing Markets<\/strong><\/h2>\n<\/div>\n
Detroit, MI<\/h3>\n
Fort Wayne, IN<\/h3>\n
Wichita, KS<\/h3>\n
Cleveland, OH<\/h3>\n
Kansas City, MO<\/h3>\n
Notable Changes This March<\/strong><\/h2>\n<\/div>\n
New Orleans, LA<\/h3>\n
Oklahoma City, OK<\/h3>\n
Cincinnati, OH<\/h3>\n