Where is Real Estate the Least Affordable?

By
Mortgage and Lending with American Financial Resources

New York CityPerhaps you've heard the recent good news that the real estate slump is finally on the mend? A number of leading sources, such as The Wall Street Journal, Time Magazine, the NAR, Zillow, and more, have all recently reported that across much of the country, sales and appreciation rates are up. There are even a few hot spots where property prices have gone up quite a bit. Here's a look at several of the country's most expensive housing markets:

Washington, DC - In the high-income areas in and around the nation's capital, home prices have typically always been higher than in many parts of the country. Well paying government jobs do make mortgages more affordable and a steady stream of employment opportunities increase demand, which is why area prices can remain high. If a move to the DC area is part of your plan, be aware that the median home price is $729,000.00.

Santa Ana, CA - Ahhh…life in "The OC" certainly has its rewards-great weather, amazing beach towns, a laid back lifestyle, SoCal fish tacos, and some of the coolest homes around. Be prepared to hand over your wallet and the keys to your bank account, because a home here will set you back to the tune of 2.5 times the national average. Kiplinger.com reports that in late June, the median home price here was $700,772.

Stamford, CT - In "The City That Works", it's a good thing that the median household income is a hefty $75,579.00. Stamford has a lot going for it and was recently named "One Of America's Best Cities to Raise Kids." While its close proximity to NYC makes it a convenient and more affordable choice, homes are still rather expensive, considering the median price is $556,500.00

Anchorage, AK - In the city whose motto is, "Big Wild Life", it also takes a big chunk of change to own a home. The cost of living throughout the entire state is notoriously expensive, however, many argue that the state's natural beauty makes up for it. On the up side, folks in Anchorage do not have to pay state income or sales tax. That will certainly help house hunters looking amidst listings where the median home price is $466,859.00.

New York, NY - Could it be that "the city that never sleeps" is up in arms about the high price of real estate? Of course living in the "Big Apple" has never been cheap, and with the current median home price at $1.27 million, things aren't changing!

As for other pricey areas, put Miami, San Francisco and many of CA's coastal towns on the list. Bargain hunters that have the freedom to relocate wherever they choose can get more bang for their housing bucks in the Southern and Midwestern states.

 

Resource:
http://www.zillow.com/blog/research/2012/06/29/comparing-price-to-income-ratios-to-affordability-across-markets/

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