Friday, December 02, 2022

RealtyHop. The 5 Least Affordable Housing Markets in America for September, According to

In the September edition of RealtyHop’s Home Affordability Index, the real estate company examined the income ratio that American households would spend on homeownership costs, and Miami, Florida found to be most inaccessible this month,

RealtyHop’s Home Affordability Index analyzes homeownership and census data from surveys conducted by the US Census Bureau (ACS). Housing Affordability Index and the Homeownership Burden in the Country’s 100 Most Populous Cities, Median home prices are calculated using over 300,000 listings in the RealtyHop database for the month prior to publication.

To calculate the index, the following statistics are used: Estimated Average Family Income, Average listing prices of homes for sale via RealtyHop data; Local property taxes via ACS census data; You Mortgage expenses, assuming a 30-year mortgage, a 5.5% interest rate and a 20% down payment.

The 5 Least Affordable Housing Markets According to RealtyHop

1. Miami, Florida

Despite a slight improvement in price, Miami continues to rank as the least affordable real estate market in the country., The median home value fell 1.64% from $610,000 to $600,000, down 1.64% from August. Based on an estimated median household income of $44,581 and a 5.5% interest rate on a 30-year fixed-rate mortgage, Typical households seeking homeownership in Miami will need to allocate 85.96% of their annual income to home ownership costs.One.

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2. Los Angeles, Calif.

Los Angeles remains the second least affordable US city this September. The median home value dropped slightly to $965,000. With a mortgage interest rate of 5.5%, An average Los Angeles family spends 84.46% of their annual household income on mortgage payments and property taxes.

3. New York, New York

While New York City retained the title of the third least affordable city in America, the average list price dropped to $900,000. This is the third month that average home prices in New York have declined from month to month. With an estimated median income of $68,129, An average New York family must allocate 80.24% of their annual income to their property. This figure is 2.70% lower than in August.

4.Newark, NJ

Newark is the fourth least affordable US real estate market. The average selling price is stable at $385,000. A typical Newark household with an estimated median income of $38,854 should expect to spend 77.52% of their annual household income on homeownership costsIncluding mortgage payments and property taxes.

5. Hialeh, Florida

Hialeah rounded up the top 5 least affordable housing markets this September. Median home value increased marginally over the previous month to $466,000. With an estimated median household income of $40,036 and an interest rate of 5.5% on a 30-year fixed-rate mortgage, A local Hialeah family must allocate 72.71% of their annual income to homeownership costs,

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According to RealtyHop, 63% of the cities on the index experienced price drops, including Miami, Los Angeles, New York, Boston, Austin and Sacramento.Indicates the start of a housing recession, with the onset and decline of home sales.

With an extremely hot housing market, interest rates in excess of 5% and the highest inflation since 1981, buyers are struggling to find homes within their budget., As more and more potential buyers stop buying, sellers are being forced to lower their expectations and adjust to a market that is finally cooling off after two record years.

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