Nation's Most & Least Affordable Housing Markets

Affordability in Housing Markets Across The United States

What Are the Most Affordable Housing Markets

When considering mortgage rates and the current supply issue in the market, many people are wondering if affordable housing is out of their reach. Some might also be wondering, is it better anywhere else in the nation? To answer that question, we took a look at some of the most and least affordable housing markets across the United States.

Before we get into the affordability of markets across the nation, we need to define what determines the affordability in these markets. One of the most common measurements of affordability in a housing market is the "Median Multiple". The Median Multiple is a value that is calculated by taking the ratio of the median house price by the median gross (before tax) annual household income. The International Housing Affordability Survey uses the following measurements to better describe what the values actually mean.

Rating Median Multiple
Severely unaffordable 5.1 and over
Seriously unaffordable 4.1 to 5.0
Moderately unaffordable 3.1 to 4.0
Affordable 3.0 and under

Most Affordable Housing Markets In the United States

Now that we have covered what the following values actually mean, we can get into what housing markets are the most affordable across the United States currently. Here are the ten most affordable housing markets in the U.S.

  1. Pittsburgh, PA: Affordability Score: 2.7
  2. Oklahoma City, OK: Affordability Score: 3.3
  3. Rochester, NY: Affordability Score: 3.3
  4. St. Louis, MO: Affordability Score: 3.6
  5. Cleveland, OH: Affordability Score: 3.7
  6. Cincinnati, OH: Affordability Score: 3.8
  7. Buffalo, NY: Affordability Score: 3.9
  8. Kansas City, MO: Affordability Score: 4.0
  9. Louisville, KY: Affordability Score: 4.0
  10. Tulsa, OK: Affordability Score: 4.0

Anyone reading this in our local Kansas City market will undoubtedly notice that Kansas City is listed as being one of the top ten most affordable housing markets across the nation. One of the biggest factors that make these cities affordable is the cost of living associated with the cities listed above. In Pittsburgh for example, the cost of living is considerably lower than the national average, making finding housing far more affordable on an average household income. 

Least Affordable Housing Markets In the United States

Now that we've covered the most affordable housing markets in the U.S. it's time to talk about the markets that are the least affordable

  1. San Jose, CA: Affordability Score: 12.6
  2. Honolulu, HI: Affordability Score: 12.0
  3. San Francisco, CA: Affordability Score: 11.8
  4. Los Angeles, CA: Affordability Score: 10.7
  5. San Diego, CA: Affordability Score: 10.1
  6. Miami, FL: Affordability Score: 8.1
  7. Seattle, WA: Affordability Score: 7.5
  8. Riverside-San Bernadino, CA: Affordability Score: 7.4
  9. Denver, CO: Affordability Score: 7.2
  10. New York, NY-NJ-PA: Affordability Score: 7.1

Want To Take Advantage of the Affordable Kansas City Market? Contact Us!

If you are thinking of a move in or to the Kansas City area to take advantage of one of the most affordable housing markets in the nation, contact a member of our team to start the home buying process. We will work with you to establish goals when buying a home that places your needs as our top priority. We have experience buying and selling homes across the Greater Kansas City area, and know our market inside and out. 

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