12/3/2020
The Least Affordable Cities to Buy a Home | Peter Palivos | Real Estate Development
a The Least A ordable Cities to Buy a Home by Peter Palivos | Dec 3, 2020 | Peter Palivos Attorney, Real Estate
Many cities top the list of places that are among the least a ordable for people to live in the U.S. They are ranked by how much of a person’s weekly income must be used in order to pay rent or mortgage installments. In these locations, homeowners must spend 64% or more of their weekly income to pay for their cost of living. Here are a few of the most expensive cities. San Francisco Despite being a city that boasts high-income levels, San Francisco is one of the least a ordable cities in the U.S. for homeowners. As much as 73% of a household’s income could be spent on housing, assuming a combined mortgage and property tax bill of around $5,000 monthly and a monthly household income of about $8,000. The average home price in this city is over a million dollars. Honolulu https://peterpalivos.com/the-least-affordable-cities-to-buy-a-home/
1/4
12/3/2020
The Least Affordable Cities to Buy a Home | Peter Palivos | Real Estate Development
Honolulu has been regarded as the least a ordable capital city in America. Median sales prices on homes have consistently risen 12% or more over a two-year period. Buyers in this city can easily expect average prices of around $880,000. San Diego San Diego’s median home prices are too high for most average salary-earners to a ord. Residents who currently rent have less money to use towards buying a home because they spend more than 30% of their income on rent on average. Median listing prices for San Diego homes, including the city and county, are $725,000. New York City New York City has always had a steady demand for housing, which has impacted its a ordability. City residents have been spending an average of 30% of their income on housing costs alone, making homeownership a challenge. New York City’s home prices average $632,000. Los Angeles In early 2020, Los Angeles had the distinction of being the least a ordable housing market in the U.S. Less than 12% of homes sold in the nal quarter of 2019 were a ordable for median income-earners. Average home prices for the city are around $630,000, including costs for adjacent areas such as Glendale and Long Beach. Although there are many cities in the United States with expensive housing, these cities stand out for the percentage of household income that ends up allocated towards mortgage costs. According to current housing trends, these high prices are expected to continue for the foreseeable future.
Search
Home Blog Contact Press Page Featured Interview and Article Page
RECENT POSTS The Least A ordable Cities to Buy a Home How to Know If a Property Is Overpriced https://peterpalivos.com/the-least-affordable-cities-to-buy-a-home/
2/4
12/3/2020
The Least Aordable Cities to Buy a Home | Peter Palivos | Real Estate Development
Mistakes to Avoid When Selling Your First Home as a Realtor Busting Myths About Buying Your First Home Choosing the Right Realtor to Sell Your Home
ARCHIVES December 2020 November 2020 October 2020 September 2020 August 2020 July 2020 June 2020 May 2020 April 2020 March 2020 February 2020 January 2020 November 2019 October 2019 September 2019 August 2019 July 2019 June 2019 May 2019 February 2019 January 2019 December 2018 October 2018 September 2018 August 2018 July 2018 June 2018 April 2018 https://peterpalivos.com/the-least-aordable-cities-to-buy-a-home/
3/4
12/3/2020
The Least Affordable Cities to Buy a Home | Peter Palivos | Real Estate Development
March 2018 February 2018 January 2018 November 2017 October 2017
CATEGORIES Las Vegas Peter Palivos Peter Palivos Attorney Real Estate Uncategorized
Copyright © Peter Palivos · 2017
https://peterpalivos.com/the-least-affordable-cities-to-buy-a-home/
4/4