These are the least affordable housing markets in the US, study says
As housing affordability remains a major concern for Americans, a recent analysis determined America’s least affordable housing markets.
24/7 Wall Street analyzed ATTOM Data Solutions’ Q1 2019 U.S. Home Affordability Report and found the 25 areas where the housing market was not affordable. Affordability was determined by matching the average home prices in the area to median annual wages.
The median home price in the U.S. recently hit a record high, exceeding $300,000.
ATTOM Data Solutions analyzed figures from the U.S. Bureau of Labor Statistics and home prices collected from the company itself for the report. The report found median home prices in Q1 2019 “were not affordable for average wage earners in 335 of 473 U.S. counties analyzed in the report.”
The analysis by 24/7 Wall Street found most of the counties on the least affordable list were located in New York or California.
The counties at the bottom of the list included Bronx County, N.Y., Nassau County, N.Y., Riverside County, Calif., Placer County, Calif., San Diego County, Calif., El Dorado County, Calif., Los Angeles County, Calif., Richmond County, N.Y., Alameda County, Calif., Santa Barbara County, Calif., San Mateo County, Calif., Napa County, Calif., Ventura County, Calif., San Francisco County, Calif. and Orange County, Calif., respectively.
Rounding out the top ten:
Honolulu County, Hawaii, where a person needs an income of $148,894 to buy a home while the average annual wages in the area are $52,455. The median sales price in Q4 was $573,246.
Sonoma County, Calif., where a person needs an income of $156,249 to buy a home. Average annual wages were around $53,677. The median sales price in Q4 was $591,000.
Monterey County, Calif., where a person needed an annual income of $144,726 to buy a home while the average annual wages were $47,736. The median sales price in Q4 was $538,750.
Queens County, N.Y., where the income needed to buy a home was $169,514 while the average annual wages were $55,068. The median sales price in Q4 was $630,000.
San Luis Obispo County, Calif., where an income needed to buy a home was $148,744 while the average wages were $47,684. The median sales price in Q4 was $560,000.
Marin County, Calif, where an income needed to buy a home was $270,710 while the average income was $73,554. The median sales price in Q4 was $1,010,000.
Maui County, Hawaii, where a person needs an income of $162,717 to buy a home where the average annual wages were $45,226. The median sales price in Q4 was $627,969.
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New York County, N.Y., where a person needed an income of $511,003 to buy a home where the average annual wages were $124,462. The median sales price in Q4 was $1,862,500.
Santa Cruz County, Calif., where a person needs an income of $208,178 to buy a home while the average annual wages were $51,077. The median sales price in Q4 was $770,000.
Kings County, N.Y., takes the top spot where the income needed to buy a home was $197,830 while the average annual income was $47,788. The median sales price in Q4 was $760,000.
Fox Business’ Brittany De Lea contributed to this report.