GITNUX MARKETDATA REPORT 2024

Statistics About The Least Affordable Cities In The Us

The least affordable cities in the US are typically characterized by high median home prices, low median incomes, and a high cost of living index.

In the following blog post, we examine the least affordable cities in the U.S. based on various statistical indicators. From soaring home prices in San Francisco and New York City to the significant portion of income allocated to housing costs in Honolulu and San Jose, these findings shed light on the challenges of homeownership in these urban areas. Let’s delve into the data to better understand the affordability landscape across different cities in the United States.

Statistic 1

"San Francisco, California is the least affordable city in the U.S, where the median home price is over $1.3 million."

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Statistic 2

"New York City has an affordability index of 49.8, making it one of the least affordable cities in the U.S."

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Statistic 3

"Over 46% of income in Honolulu, Hawaii is spent on housing costs."

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Statistic 4

"In Boston, the median home value reaches over $600,000, contributing to its ranking in the least affordable cities."

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Statistic 5

"San Diego, California requires an average household income of over $130,000 to afford a median priced home."

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Statistic 6

"Washington, D.C. is among the top 20 least affordable U.S. cities with an average home cost of $555,600."

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Statistic 7

"Miami, Florida is ranked as the 8th least affordable city in the U.S. with an affordability index of 18.87."

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Statistic 8

"In Seattle, Washington, a household needs to bring in $93,418.01 a year to afford a median priced home."

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Statistic 9

"In San Jose, California, a whopping 75% of salary goes towards the cost of an average mortgage."

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Statistic 10

"Stamford, Connecticut is the 7th least affordable city in the U.S., requiring nearly 30% of a typical residents’ income for housing costs."

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Statistic 11

"Oakland, California, has an average monthly mortgage of over $3,200 leading to a affordability index of just 12.55."

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Statistic 12

"Portland, Oregon is the 15th least affordable city in the U.S., with a homeownership affordability index of 58.8."

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Statistic 13

"Denver, Colorado, has an affordability index of 14.09, ranking it as the 17th least affordable city."

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Statistic 14

"In Chicago, the average home costs $244,100, making it one of the least affordable cities in the U.S."

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Statistic 15

"Philadelphia, Pennsylvania, is the 20th least affordable city in the U.S., with a homeownership affordability index of 66.8."

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Statistic 16

"New Orleans, Louisiana is the 16th least affordable city in the U.S, with a median home price of $224,100."

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Statistic 17

"Salt Lake City, Utah, has an affordability index of 17.11, ranking it as one of the least affordable cities in the U.S. due to a boom in house prices."

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In conclusion, the statistics reveal a concerning trend of housing affordability issues across various cities in the U.S. From the sky-high median home prices in San Francisco and New York City to the significant percentage of income spent on housing costs in Honolulu and San Jose, it is evident that many residents are facing challenges in accessing affordable housing. The data highlights the significant income requirements needed to afford a home in cities like San Diego, Washington, D.C., and Seattle, ultimately underscoring the broader issue of housing affordability in the current real estate market. The varying affordability indices and median home prices in cities like Miami, Oakland, and Philadelphia further emphasize the disparity in housing costs across different regions, pointing towards the need for comprehensive strategies to address these affordability concerns and ensure equitable access to housing for all residents.

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