home values than the Top 5 most unaffordable housing regions listed by Realtyhop , those areas usually had much higher household income averages that helped make the home purchases more affordable .
Rounding out the Top 20 for the most unaffordable housing cities in America , which included many more California regions , were as follows :
6 . Newark , NJ 7 . Anaheim , CA 8 . San Diego , CA 9 . San Jose , CA 10 . Boston , MA 11 . San Francisco , CA 12 . Santa Ana , CA 13 . Oakland , CA 14 . Chula Vista , CA 15 . Fremont , CA 16 . Jersey City , NJ 17 . Austin , TX 18 . Dallas , TX 19 . Riverside , CA 20 . Seattle , WA
These Top 5 most unaffordable housing regions in the survey compared the median home listing price primarily with the median income for the same region . Let ’ s take a look below at how high the percentage of household income was needed to cover the project monthly household expenses ( mortgage , property taxes , insurance , etc .):
The Top 5 Most Affordable Housing Regions
Now , let ’ s review the Top 5 most affordable cities in America , which have much lower percentage of income to monthly household payment numbers :
Out of the 100 major cities analyzed by RealtyHop , a whopping 88 of the cities had homebuyers paying more than 30 % of their monthly income towards household expenses .
The RealtyHop report findings were based on factors such as the percentage
of income required to afford a home , a 30year fixed mortgage rate of 7.125 % ( subject to change ), and projected household income based on US Census and BEA data .
While there are many cities and towns across the nation with much higher median
Income Requirements for Homes by State
Families who live in the five most expensive U . S . states for home purchases require an annual income exceeding $ 270,000 to live comfortably , according
to a report published by Visual Capitalist .
“ Comfortable ” is defined as the income required to cover a 50 / 30 / 20 budget , with 50 % set aside for necessities like housing and utilities , 30 % for discretionary spending , and 20 % allocated for savings or investments , as per the same Visual Capitalist report .
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