{"id":5736,"date":"2020-11-04T10:36:05","date_gmt":"2020-11-04T15:36:05","guid":{"rendered":"https:\/\/www.realtyhop.com\/blog\/?p=5736"},"modified":"2020-11-04T12:39:51","modified_gmt":"2020-11-04T17:39:51","slug":"realtyhop-affordability-housing-index-november-2020","status":"publish","type":"post","link":"https:\/\/www.realtyhop.com\/blog\/realtyhop-affordability-housing-index-november-2020\/","title":{"rendered":"RealtyHop Affordability Housing Index: November 2020"},"content":{"rendered":"
Los Angeles, CA<\/a>\u00a0 was again the least affordable market in the country this November, despite real estate prices dropping to a median of $927,500. Given local taxes and median household income of $54,501, the average family in LA looking to purchase a home would need to spend a large 94.3% of annual income on mortgage and tax costs.<\/p>\n Miami, FL<\/a>\u00a0 placed as the second least affordable market, driven by high real estate prices relative to household income. While the city\u2019s $529,000 median was in line with other prominent east coast metros, household income of $33,999 meant that an average family would need to spend 91.09% of this pay in order to own a home.<\/p>\n New York, NY<\/a>\u00a0 saw real estate fall back to a median of $865,000 from $880,000 last month, leading to a favorable 1.7% drop in the city\u2019s index. An average household in New York looking to purchase a home should expect to allocate 82% of income towards ownership costs, or about $3,948 per month.<\/p>\n San Francisco, CA<\/a>\u00a0 was another unaffordable market, as home prices remained stable at a median of $1.398M. Given local taxes and mortgage rates, a family in SF would need to allocate a considerable 79.44% of annual income toward homeownership costs, equating to a monthly payment of $6,372.67.<\/p>\n Oakland, CA<\/a>\u00a0 became less affordable in the month, as the city\u2019s index rose 5.19% from a jump in home prices. The median listing price in the city was $788,900, a considerable hike from $750,000 at the start of October. Given household income, as well as local taxes and mortgage rates, a family in Oakland should currently expect to pay 71.86% of income toward the costs of owning a home.<\/p>\n<\/div>\n Detroit, MI<\/a>\u00a0 was the most affordable market in the country this November. So affordable, in fact, that the average Detroit family would only need to spend 14.57% of annual income in order to own a home. This equates to a monthly payment of just $338.11.<\/p>\n Fort Wayne, IN<\/a>\u00a0 remained the second most affordable city in the country for homebuyers, led by an even further drop in listing prices. A family in Fort Wayne looking to purchase a home should currently expect to allocate a reasonable 18.47% of annual income towards homeownership costs.<\/p>\n Witchita, KS<\/a>\u00a0 was stable as the third most affordable market, as median home prices remained at $160,000. Given household income of $48,982, as well as local taxes and mortgage rates, a family in Wichita would only need to pay $823.74 per month in order to own a home, or 20.18% of annual household income.<\/p>\n Indianapolis, IN<\/a>\u00a0 became the fourth most affordable market for homebuyers, increasing one spot on our affordability ranking. An Indianapolis household would only need to allocate 23.59% of income toward the costs of owning a home.<\/p>\n Bakersfield, CA<\/a>\u00a0 rounded out our five most affordable markets, remaining stable throughout the month. Given household income of $60,058, median real estate of $237,999, as well as local mortgage and tax rates, a family in Bakersfield would need to spend a reasonable 23.66% of annual income on homeownership costs.\u00a0<\/span><\/p>\n<\/div>\n Fresno<\/a> became less affordable this month, as the city\u2019s index increased 5.36%. This change was led by a hike in real estate prices to a median of $295,000, up from $280,000 in October.<\/p>\n Tulsa<\/a> dropped eleven spots to 60th place, as the city experienced a sizable decrease in home prices to $236,500. A family in Tulsa looking to purchase a home should expect, on average, to spend 31.92% of income toward mortgage and tax costs.<\/p>\nMiami, FL<\/h3>\n
New York, NY<\/h3>\n
San Francisco, CA<\/h3>\n
Oakland, CA<\/h3>\n
The 5 Most Affordable Housing Markets<\/strong><\/h2>\n<\/div>\n
Detroit, MI<\/h3>\n
Fort Wayne, IN<\/h3>\n
Witchita, KS<\/h3>\n
Indianapolis, IN<\/h3>\n
Bakersfield, CA<\/h3>\n
Notable Changes This November<\/strong><\/h2>\n<\/div>\n
Fresno, CA<\/h3>\n
Tulsa, OK<\/h3>\n
Cleveland, OH<\/h3>\n