In These Cities, Less Than 30% of Households Can Afford a Home

Housing affordability has dropped across the U.S., but in some markets, a majority of households can’t afford to purchase a home. According to housing market platform Realtor.com, there are five major cities in the U.S. where only 30% of households can afford to be homeowners. These include Los Angeles, Oxnard, Calif., San Diego, San Jose, Calif., and New York City. In Los Angeles, for instance, only 13.2% of households can afford to buy the median home priced at $1.15 million.

While four of the markets on the most unaffordable list are in California, New York City is the sole Northeast city to make the list. Here, the median income required to buy a median-priced home is $184,488. Just 28.6% of New Yorkers can afford this if they kept to the 30% rule. Read more