Least Affordable Places in the US to Buy a Home

If you’re getting ready to buy a home, you may want to skip some places that are the least affordable to buy a home in. It’s these cities that prices are too high or the income is too low according to the National Association of Home Builders. Therefore, I have compiled a list of cities with the least affordable homes according to the NAHB.

If you want an affordable city, try out Amarillo, Bushland, Canyon TX or even Angel Fire, NM. These cities are on the list for best places to live in the US.

Least affordable cities to buy a home in the US:

? New York – One of the biggest cities in the nation that is a mecca for businesses; however, it’s not that great for homebuyers. The income for families in New York are scarcely higher than the national median income level of $65,000. And, home prices are double the income level.

Median home price: $455,000

Median income: $68,300

Percentage of homes that are affordable: 28.5%

?  San Francisco – The city itself is not that expensive, but many of the surrounding towns are extremely pricey.

Median home price: $659,000

Median income: $103,000

Percentage of homes that are affordable: 31.4%

? Santa Ana – This metro area encompasses a large part of Orange County, CA. It’s home to Disneyland and many beach home communities that offer some of the most expensive real estate in the US. Homes in this area are luxurious and can make it hard even for high income makers.

Median home price: $440,000

Median income: $85,300

Percentage of homes that are affordable: 43.5%

? Los Angeles – Home to Hollywood stars, Brentwood mansions and Rodeo Drive attractions, but it is also home to many blue-collar workers with jobs in energy, warehousing, aerospace, and shipping.

Median home price: $335,000

Median income: $64,800

Percentage of homes that are affordable: 44.1%

?  Bridgeport – This city has one of the least affordable real estate markets in the US. Many people are even surprised by that since many old warehouses sit empty and most neighborhoods have seen better times.

Median home price: $402,000

Median income: $87,100

Percentage of homes that are affordable: 44.2%

?  San Jose – Just like San Francisco, technology has brought in expensive growth and large paychecks. These well paid techies can afford high priced homes, so the real estate prices are boosted for everyone in this area.

Median home price: $530,000

Median income: $105,000

Percentage of homes that are affordable: 46.2%

?  Honolulu – The beauty of Hawaii make real estate expensive. Honolulu is even more expensive since lots are scarce and extremely pricey. Building materials also boost the price since all materials have to be shipped from the mainland.

Median home price: $425,000

Median income: $82,700

Percentage of homes that are affordable: 48.8

?  San Diego – This is one city where you pay for the beautiful beaches, great weather and an active outdoor lifestyle. Home prices hear have soared for years, peaking out around 2005.

Median home price: $339,000

Median income: $75,900

Percentage of homes that are affordable: 54.6%

?  Newark – While the city itself doesn’t scream luxury and upper-class, the surrounding communities do.

Median home price: $349,000

Median income: $91,900

Percentage of homes that are affordable: 55.3%

? El Paso – Characteristically this is the least affordable real estate market in the US, and it’s not because home prices are too high. El Paso has the lowest income level making it difficult for many locals to purchase a modest home.

Median home price: $141,000

Median income: $41,700

Percentage of homes that are affordable: 61.7%

This information is brought to you by: Tom Kile - your real estate resource for Amarillo, TX and surrounding communities.

Originally posted at:  http://allamarillohomes.info/least-affordable-places-in-the-us-to-buy-a-home/