Many Of The Least Affordable Housing Markets In The U.S. Are In California

Marin County in California is the home of tech companies, redwood forests, and a civic center designed by Frank Lloyd Wright. As such, only the elite can afford to live there.

The northern Bay Area locale was named the least affordable housing market in the U.S. by 24/7 Wall St. Based on average wages, Marin County residents spend 104 percent of their paycheck toward the median price of homeownership and 77.3 percent of their income on rent.

California dominated the list, as Santa Cruz, San Luis Obispo, Napa, Monterey, Sonoma, San Mateo, and a few others ranked in the top 25. San Francisco ranked No. 16, as city residents spend 89.4 percent of their income on a median price house, and 54.3 percent toward rent.

In an interview with 24/7 Wall St., Daren Blomquist, senior vice president with property and real estate data company ATTOM Data Solutions, described rising rents as part of a vicious cycle. High home prices encourage more renting, which pushes up the demand and prices for rentals. Eventually, at high enough rental prices, buying becomes more attractive.

Read more