Where are home prices so high it's truly unaffordable

Home prices are going up all over the U.S., and since demand also increases, affordability is actually a growing problem. Home prices continue to increase nationwide, even hitting new highs in a number of large housing markets in April, as outlined by S&P Dow Jones Indices Case-Shiller Home Prices Indices. Which is making it nearly unaffordable for many people to live in these 10 cities.

Homes sales in California increased again in May above 400,000 for the third straight month, as outlined by information the California Association of Realtors collected from in excess of 90 local Realtor associations and MLSs statewide. The least affordable place to live in America isn’t San Francisco, or even Manhattan, as one might expect, but instead, Brooklyn, according to an article by Catey Hill for realtor.com. In fact, residents couldn’t afford a median-priced home in Brooklyn even when they used 100% of their income, according to the article.

From the article:

Many people – priced out of Manhattan, San Francisco and San Jose – are moving from the pricey city center to Brooklyn, Marin County and Santa Cruz, respectively, which is pushing prices there up, says Daren Blomquist, vice president of RealtyTrac. Meanwhile, wages in those counties aren’t keeping pace with the home price appreciation, which makes these three areas the most unaffordable in the nation for residents looking to buy. (Note that the average home prices in Manhattan, San Francisco and San Jose are still higher than in Brooklyn, Marin and Santa Cruz, but so are the wages.)

This list is the top ten most unaffordable places to reside in the U.S.

Also include is with what portion of their wage is necessary to buy a median priced home in that area.

Brooklyn, New York: 121.7%
Marin County, California: 118.1%
Santa Cruz, California: 113.5%
San Francisco, California: 94.6%
Maui, Hawaii: 92.8%
San Luis Obispo, California: 90.4%
Napa, California: 86.9%
Monterey, California: 84.5%
Queens, New York: 83.6%
Sonoma, California: 82.1%

As you can imagine this is a list we are glad that we are not on. Tampa Bay and the Surrounding Areas are pretty reasonably priced. So if you are considering purchasing your new home, now may be the right time. We are here to assist you. We can always be reached at 813-300-7116, or if you prefer you can always click here and we will be in touch.

Take a look at a few of the most recent homes that came on the market here in the Tampa Area.

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5221 Bayshore Boulevard #18, Tampa, FL

5221 Bayshore Boulevard #18
Tampa, FL

$175,000
- Lot Size
  
  2.00 ac
- Home Size
  
  644 sqft
- Beds
  
  1 Bed
- Baths
  
  1 Bath
- Year Built
  
  1976
- Days on Market
  
  1
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