The cities where houses are least affordable in the United States – El Diario NY

RealtyHop examined what American households in the 100 largest cities need to spend on housing, finding that in November 2023, Miami remains the least affordable real estate market.

“While homeownership remains unaffordable in many markets across the country, several cities became more affordable for buyers this month,” the RealtyHop report says.

And he highlights that: “In most cities, owners still must allocate at least 30% of your income towards mortgage payments and property taxes. Those who want to buy a home before the end of the year will continue to face low inventories and high interest rates.”

Some key findings from the report:

· Homeowners in 67 of the top 100 cities analyzed spend more than 30% of their annual income in home ownership; That’s one more than last month.

· In the 25 most unaffordable real estate markets in the country, homeowners are still They spend 40% or more of their income on ownership costs.

· Four of the top five least affordable housing markets became less expensive this month: Miami, FL, Los Angeles, CA, Newark, NJ and New York City, NY.

· Housing costs became more affordable in three of the most affordable housing markets this month: Wichita, KS, St. Louis, MI y Cleveland, OH.

The five least affordable real estate markets:

1. Miami, Florida

Even though the median list price of a home decreased to $619,000, the average family will still need to spend the 81.96% of your income on mortgage payments and property taxes.

2. Los Angeles, California

Homeowners with a median household income of $74,242 should expect to spend more than 77% of that income in the cost of owning a home, whose average price is $940,000.

3. Newark, New Jersey

The median home purchase price decreased to $399,999, meaning homeowners can expect to spend $2,536.50 per month on home ownership costs, the 73.2% of your income.

4. New York, New York

Home prices have risen to a median of $825,000, and buyers now need to spend $4,210 in monthly payments to own, 69% of your income.

5. Hialeah, Florida

Homebuyers with an annual income of $43,219 in the area should expect to spend the 66.75% of your salary to home ownership costs, where the median price is $470,000.

In contrast:

In the opposite direction Detroit was once again the most affordable real estate market this November. The median home purchase price in the city rose slightly to $80,000, meaning the average family would now only need to spend $474 a month on mortgage payments and taxes, representing 15.4% of their income.

Keep reading: 
· Real estate market myths that affect buyers and sellers in the US today.
· US mortgage rates continue to fall, but not enough for buyers
· Places homebuyers are moving to in the US.