These California cities are the least affordable in America, data shows
LOS ANGELES - Is homeownership in the U.S. no longer attainable for the average American family? Depends on where you live.
The latest data compiled by RealtyHop based on its Housing Affordability Index examines what American households across the 100 largest cities need to spend on housing. The study found the median list price of an average home is increasing in 86 of the 100 cities analyzed.
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According to the data, California remains unaffordable for the average American. Three of the top five least affordable cities are located in the Golden State: Los Angeles (#1), Irvine (#3), and Long Beach (#5). Miami ranked second, and New York ranked fourth.
Los Angeles
The least affordable housing market in America is in Los Angeles, where the median list price of a home increased to $1.1 million, according to the data. That means average families making a median income can expect to spend 99.3% of their income on homeownership costs.
Irvine
The median list price for a home in Irvine increased to $1.475 million, with homeowners expecting to spend 84.96% of their monthly income on housing costs, RealtyHop found.
Long Beach
Long Beach rounded out the top five of least affordable housing markets, with prospective buyers making an average income of $81,509 expecting to spend $4,770.59 on mortgage payments and property taxes, according to the data.
At the other end of the spectrum, the top five most affordable housing markets were: Toledo, OH (#1); Detroit, MI (#2); Fort Wayne, IN (#3); Wichita, KS (#4), and Buffalo, NY (#5).
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The RealtyHop Housing Affordability Index analyzes proprietary and ACS Census data to provide an index of housing affordability and homeownership burden across the 100 most populous cities in the country. Median home prices are calculated using over 800,000 listings in the RealtyHop database over the month prior to publication.
To see the full study results, tap or click here.