These cities have the highest share of unaffordable neighborhoods in 2024
https://creditnews.com/research/ranking-of-cities-with-highest-share-of-unaffordable-neighborhoods-in-2024/Homeownership is one of the key pillars of the American dream. But for many families, the idyllic fantasy of a picket fence and backyard barbecues remains just that—a fantasy.
Thanks to elevated mortgage rates, sky-high house prices, and scarce inventory, millions of American families have been locked out of the opportunity to buy a home in many cities.
To shed light on America’s housing affordability crisis, Creditnews Research ranked the 50 most populous cities by the percentage of neighborhoods within reach for the typical married-couple household to buy a home in.
The study reveals a stark reality, with many cities completely out of reach for the most affluent household type. Not only that, the unaffordability has radically worsened in recent years.
Comparing how affordability has changed since Covid, Creditnews Research discovered an alarming pattern—indicating consistently more unaffordable housing in all but three cities.
The following are the cities ranked from the least affordable to the most.
Least Affordable:
Los Angeles 1 99 $117,056 100.00%
St. Louis 2 66 $132,973 100.00%
Boston 3 26 $172,223 100.00%
San Jose 4 25 $188,403 100.00%
San Diego 5 113 $136,297 95.58%
San Francisco 6 120 $211,885 89.17%
New York City 7 198 $118,019 85.90%
Miami 8 107 $96,581 79.44%
Nashville 9 312 $122,109 73.72%
Richmond 10 161 $127,796 55.90%
Surprise to see St. Louis there. One common denominator is that they are run by Democrats.
Most Affordable:
Hartford 50 16 $130,522 0.00%
Memphis 49 12 $97,915 0.00%
Cleveland 48 35 $85,723 0.00%
Minneapolis 47 83 $143,613 2.41%
Baltimore 46 222 $136,318 2.70%
Louisville 45 141 $162,775 3.55%
Cincinnati 44 56 $124,470 3.57%
Indianapolis 43 92 $105,073 4.35%
Oklahoma City 42 64 $103,932 4.69%
Kansas City 41 249 $114,659 5.62%
