California median home price sets record-high
The median price for a single-family home in California now tops $900,000 - up more than 11% from March.
LOS ANGELES - Los Angeles is known for many things… the entertainment capital of the world, its near-perfect weather,and its unbelievably expensive real estate market. For many Angelenos, homeownership is simply out of the question. After all, the median price of a home in LA is over $1 million.
Data compiled by RealtyHop based on its Housing Affordability Index examines what American households across the 100 largest cities need to spend on housing. The study found the median list price of an average home is increasing in 86 of the 100 cities analyzed.
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According to the data, LA remains the country’s least affordable housing market. The median list price increased to $1,100,000 in 2023, meaning average families making the median income in the city must now expect to spend a whopping 99.33% of their income on homeownership costs.
So if you're one of the many that can't afford a home in LA, here are the top five most affordable housing markets in the U.S. you could consider:
Toledo, OH
RealtyHop found that Toledo is the most affordable housing market by analyzing average household income, average home listing prices, local property taxes and mortgage expenses. While the average home price in Toledo is $106,900, an average family only spends roughly 18.66% of their monthly income on mortgage and tax payments.
Detroit, MI
While homes in Detroit are slightly cheaper than in Toledo, with a median home price of $95,000, buyers can expect to direct 19.29% of their income toward homeownership costs, making it the second most affordable housing market in the U.S.
The city of Detroit's skyline, in Detroit, Michigan. (Photo by Bill Pugliano/Getty Images)
Fort Wayne, IN
Fort Wayne is the third most affordable housing market in the U.S. The median list price increased to $215,000 last month, and buyers can expect to spend 26.22% of their income on housing costs.
Wichita, KS
Wichita came in as the fourth most affordable housing market. Homeowners with an average income of $62,644 will spend $1,389.72 monthly on mortgage and tax payments, with median home prices around $218,500.
Buffalo, NY
The fifth most affordable housing market is Buffalo, New York. Households can expect to spend 27.46% of their monthly income on a home with a median list price of $172,900.
Basin Marina Park in Buffalo, New York. (Photo by John Greim/LightRocket via Getty Images)
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California remains unaffordable for the average American. Three of the top five least affordable cities are located in the Golden State: Los Angeles (#1), Irvine (#3), and Long Beach (#5). Miami ranked second, and New York ranked fourth.
