Tags: housing | affordability | real estate | homes | maui

5 Least Affordable Places to Live in US

Famous Mamas Fish House with palms and beach in Maui Hawaii
Maui, Hawaii (Sergi Reboredo/AP)

By    |   Monday, 17 June 2019 12:24 PM

Housing affordability in the U.S. is getting worse. That was the recent conclusion in Forbes by Robert Dietz, chief economist for the National Association of Home Builders. According to the report, new and existing home sales were 78% most affordable for a typical family in 2012 but by 2018 that number had dropped to 56%.

The income of most American households falls short of what is needed to buy a typical home but this is not consistent nationwide. Some housing markets are less affordable than others.

24/7 Wall St. recently took a look at data from the 2019 U.S. Home Affordability Report, which ranked counties based on how the median housing prices in the area compares to the average household's annual wages. It then analyzed home sale price data as well as the total number of housing units then calculated the income needed to buy a house.

Based on the analysis, 24/7 Wall St. was able to determine which are the least affordable places to live in the U.S. Most of the counties in the list fall within New York or California. This is a stark contrast to the pattern of most affordable places to buy a home, which is more spread out across the country and includes 12 different states, mainly falling within the South and Midwest.

Based on 24/7 Wall St.'s findings, we take a look at the top five least affordable places to live in the U.S.:

5. Marin County, California

Annual wages as pct. of median sales price: 7.3%

Income needed to buy a house: $270,710

Avg. annual wages: $73,554

Q4 median sales price: $1,010,000

4. Maui County, Hawaii

Annual wages as pct. of median sales price: 7.2%

Income needed to buy a house: $162,717

Avg. annual wages: $45,266

Q4 median sales price: $627,969

3. New York County, New York

Annual wages as pct. of median sales price: 6.7%

Income needed to buy a house: $511,003

Avg. annual wages: $124,462

Q4 median sales price: $1,862,500

2. Santa Cruz County, California

Annual wages as pct. of median sales price: 6.6%

Income needed to buy a house: $208,178

Avg. annual wages: $51,077

Q4 median sales price: $770,000

1. Kings County, New York

Annual wages as pct. of median sales price: 6.3%

Income needed to buy a house: $197,830

Avg. annual wages: $47,788

Q4 median sales price: $760,000

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Housing affordability in the U.S. is getting worse. That was the recent conclusion in Forbes by Robert Dietz, chief economist for the National Association of Home Builders.
housing, affordability, real estate, homes, maui
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2019-24-17
Monday, 17 June 2019 12:24 PM
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