Markets
Interactive: Least Affordable Housing in the U.S.
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Interactive: Least Affordable Housing in the U.S.
It doesn’t always make sense to measure affordability by a price in absolute dollars.
With real estate in particular, every county is different and value may be relative depending on the area in question. A ranch that seems expensive to a farmer in Nebraska may be a drop in the bucket for a lawyer from Manhattan.
Today’s interactive chart from Overflow Data shows median home values plotted against median household income, which helps give you a feel for where the least affordable housing in the U.S. is located. It’s also worth noting that in this visualization, that data comes from the ACS 2011-2015 5 year estimates from the U.S. Census Bureau.
Expensive by any Measure
The least affordable housing in the U.S. falls into two categories: places that you would expect (San Francisco, New York City) and counties that may be off your radar, such as a few in Massachusetts, Washington, or Wyoming.
The Bay Area, not surprisingly, has some of the least affordable housing in the country – both in absolute terms, and in terms relative to income. There is no shortage of anecdotes for the madness occurring in San Francisco and the surrounding area, and the data reflects that.
In San Francisco proper, the median home value is $800,000 with a median income of $81,000, giving a price-to-income ratio of 9.8. Meanwhile, in Silicon Valley, housing is nearly as pricey, but many people are able to make up for it with higher incomes: San Mateo County has a ratio of 8.3, and Santa Clara County has a ratio of 7.3.
New York City, with its five boroughs, is also interesting to look at. Here they are ranked by price-to-income:
- Kings County (Brooklyn): 11.8 (House value: $570,000, Income: $48,000)
- New York County (Manhattan): 11.7 (House value: $849,000, Income: $73,000)
- Bronx County (The Bronx): 10.6 (House value: $363,000, Income: $34,000)
- Queens County (Queens): 7.8 (House value: $450,000, Income: $58,000)
- Richmond County (Staten Island): 6.0 (House value: $440,000, Income: $73,000)
Brooklyn is the most expensive borough based on price-to-income, just nudging out Manhattan. The Bronx also has some of the least affordable housing in the country, mainly due to lower income levels than the rest of the city.
Pricey Enclaves
As mentioned before, states like Wyoming, Massachusetts, Colorado, and Washington also have counties that are quite expensive in terms of price-to-income.
- Teton County, Wyoming: 9.1 (House value: $689,000, Income: $75,000)
- Pitkin County, Colorado: 8.7 (House value: $621,000, Income: $71,000)
- San Miguel County, Colorado: 9.1 (House value: $513,000, Income: $56,000)
- Nantucket County, Massachusetts: 10.7 (House value: $903,000, Income: $84,000)
- Dukes County, Massachusetts: 10.3 (House value: $661,000, Income: $64,000)
- San Juan County, Washington: 8.3 (House value: $466,000, Income: $56,000)
Many of these, such as Teton County or Pitkin County, are located in the mountains.
Others, like the San Juans or Nantucket are made up of beautiful islands that are relatively close to major cities – in this case, Seattle and Providence/Boston respectively.
Markets
The Fastest Rising U.S. Housing Markets in 2024
As U.S. home prices hit record highs, which housing market is seen the fastest growth? This graphic shows the top 10 across the country.
The Fastest Rising U.S. Housing Markets in 2024
This was originally posted on our Voronoi app. Download the app for free on iOS or Android and discover incredible data-driven charts from a variety of trusted sources.
The U.S. housing market has been on a tear, with median sales prices rising more than 40% since February 2020.
While cities in southern states like Florida have witnessed some of the strongest price growth, more affordable cities across the Midwest are also seeing growing demand as buyers seek out cheaper options.
This graphic shows the U.S. metros with the fastest price growth, based on data from Redfin.
Hottest Housing Markets in America
Below, we rank the metropolitan areas with the fastest annual median sales price growth as of February 2024:
Rank | Metro | Median Sales Price Growth Feb 2024 YoY |
---|---|---|
1 | Pittsburgh, PA | +22.0% |
2 | Fort Lauderdale, FL | +18.0% |
3 | Greensboro, NC | +17.8% |
4 | Meridian, ID | +17.3% |
5 | Toledo, OH | +17.0% |
6 | Boca Raton, FL | +16.4% |
7 | West Palm Beach, FL | +16.1% |
8 | Orlando, FL | +15.9% |
9 | Milwaukee, WI | +15.6% |
10 | Alexandria, VA | +15.4% |
U.S. average | +6.5% |
Pittsburgh, PA soars to the top of the list, with median sale prices jumping 22% over the year.
Once known as a center for steel and iron manufacturing, the city has emerged as a hub for high-tech industries including robotics, software engineering, and healthcare. At a time when housing affordability is near record lows, buyers have flocked to the market thanks to its lower home prices. In February, median sales prices in Pittsburgh were $250,000 compared to the U.S. median price of $412,219.
Following next in line is Fort Lauderdale, FL with prices jumping 18% annually. Like several cities across the state, property values have boomed thanks to the state’s warm climate and low taxes. The state also ranks as one of the best in the country to retire. In 2023, it was one of the fastest growing states in the country, adding 365,205 residents overall.
As we can see, just one housing market in the West, Meridian, ID, is experiencing some of the strongest price growth in the country. Since the pandemic, many Californians priced out of expensive real estate markets have moved to the state due to its strong job market, low crime rate, and affordability. In fact, Los Angeles and San Fransisco are some of the top metropolitan areas nationally that people are moving away from due to remote-work trends and the high cost of living.
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