New York, NY continues to be the least affordable housing market across the nation in August, according to a new survey from RealtyHop.
With median real estate asking $967,000, a family in New York City would have to contribute 82.92 percent of their annual income toward mortgage payments and property taxes.
Los Angeles, CA is still the second least affordable U.S. city. With a median asking price of $930,000, an average L.A. family making $62,000 a year would need to set aside 82.52 percent of their annual income toward homeownership, a 1.55 prcentmonth-over-month decrease from the previous month.
Miami, FL maintains its position as the third most expensive housing market.
Given the median asking price of $552,000, a family in Miami should expect to spend $2,668 per month on property taxes and mortgage payments to maintain their homeowner status. This equals 82 percent of their household income when annualized.
Newark, NJ is again the fourth most cost-burdened city in the nation, with median real estate prices reaching $350,000 in August. In order to own a middle-tier home, a family in Newark needs to put 67.6 percent of their annual income toward homeownership costs.
San Francisco, CA continues to be one of the least affordable housing markets with one of the highest median asking prices in the U.S. With a whopping annual income of about $112,449, median homebuyers would still need to spend over 65 percent of their annual income on mortgage payments and taxes in order to own a $1.4 million home in the city.
Detroit, MI, tops RealtyHop’s list of the five most affordable housing markets in the nation.
Even though Detroit home values did go up to $79,900 in August, given household incomes of $30,894, an average family in Detroit would need to spend 17.6 percent of their income toward homeownership costs.
While residential real estate values did increase by over three percent in August, Wichita, KS continues to be one of the least cost-burdened housing markets in the nation.
With the median asking price reaching $155,000, a family in Wichita would only need to set aside 18.2 percent of their annual income to cover principal and interest repayments and property taxes.
Fort Wayne, IN is the third least cost-burdened housing market in the U.S. The city’s median list price hit $169,900 last month, and for an average family in Fort Wayne, this translates to $820 per month or 19.9 percent of their annual income.
Anchorage, AK replaced Virginia Beach, VA as the fourth most affordable U.S. city in this month’s RealtyHop survey.
The real estate values currently hover around $329,000 in Anchorage, and for families making the median income, this means that they have to spend 23.7 percent of their annual income on homeownership.
Chesapeake, VA rounded up he five most affordable cities this month.
The median list price in Chesapeake remains stable at $325,000, and based on the net effective tax rate and 30-year fixed mortgage, a family can expect to spend $1,575 on homeownership, which equals 24 percent of their annual income.
The monthly survey shows that Gilbert, AZ became less affordable this month after prices spiked. Home prices saw a 4.02 percent month-over-month increase to $520,000. The city went from being the 23rd most affordable city to the 30th. A family in Gilbert would have to set aside 29.5 percent of their annual income in order to own.
Louisville, KY became less affordable this month. The city moved up five spots to take 91st place on RealtyHop’s affordability ranking. With a median asking price of $230,000 and a household income over $53,000, a family should expect to spend 24.8 percent of their income toward mortgage and property taxes.
Real estate prices in Stockton, CA have skyrocketed in recent months, making it the 25th least affordable market in the nation.
The city has seen unprecedented housing demand, which pushed the median list price to $395,000. A family making a median income of $54,614 in Stockton would need to put 41.8 percent of their income toward homeownership costs.