According to RealtyHop’s Housing Affordability Index for May 2023, in Miami, Florida, homeowners can expect to spend 79.92% of their monthly income in the cost of home ownership, making it the least affordable market for Americans.
In this May issue, RealtyHop examined what American households in the 100 largest cities should spend on housing. While many markets have become more expensive this month, increased activity and inventory have cooled sales prices in other areas, so buyers across the country should study their respective real estate markets to know what to expect this season.
According to the study:
Homeowners in 66 major cities must spend more than 30% of their annual income on home ownership; that’s one city less than last month.
· In the 25 most unaffordable housing markets in the country, owners allocate more than 40% of their income to home ownership.
· Median purchase price declined this month in the three least affordable housing markets: Miami, FL, Los Angeles, CA and Newark, NJ.
The 5 Least Affordable Housing Markets, According to RealtyHop
Miami is the least affordable housing market this May. The median listing price for a home has dropped to $585,000, and homeowners can expect to spendr 79.92% of your monthly income in the cost of home ownership.
2. Los Angeles, California
Buyers earning a median household income of $73,432 should expect to spend $4,742 per month in mortgage payments and property taxes, that is, 77.5% of their entries.
3. Newark, NJ
Median listing price for a home held steady at $385,000, so a local Newark family looking to own should book 72.41% of their annual income for home ownership costs.
4. New York, New York
The median home purchase price increased to $824,444 this month. Now, prospective buyers must allocate 70.55% of your income to home ownership.
5. Hialeah, Florida
The average family in this city spends $2,324 per month in mortgage payments and property taxes, which translates to at 65.79% of your annual family income1.58% more than the previous month.
Detroit is the most affordable housing market this month. Median home purchase price increased slightly to $81,900. Based on a projected median household income of $35,893, a typical Detroit family will have to spend 16.23% of your annual incomeor $485.37 per month, in mortgage payments and property taxes.
To see more details of the report, go here.
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