The 10 Least Affordable Cities in America

by Rachel Baker on January 31, 2015

This is pretty good, and should be unsurprising, information if you are looking for that next glorious place to live. If any of the places in the article below on your list, you better be saving up OR already have a more than entry-level job.

…or plan on renting.

Read the Article: Start Saving Now! These Are the 10 Least Affordable Cities in America

It’s tough enough to buy a home. Saving the cash for a down payment takes a ton of financial discipline—not to mention the psychological gumption you need to muster to commit to 30 years of monthly payments.

But woe unto ye who live in these 10 metro areas, where the barriers to homeownership are unusually high. Blame skyrocketing home prices and, well, non-skyrocketing incomes—these are the least affordable cities in America.

“These markets are very expensive by any measure, and they’re forecasted to get worse,” said Jonathan Smoke, chief economist of realtor.com. “That’s why consumers looking for affordable options need to act as soon as they can.”

How did we figure this out? Simple division.

After combing through columns and columns of data on income, home prices, and assorted other variables, we identified what we defined as “bad ZIP codes.” A bad ZIP code is one where more than half of all households can’t afford the median-price home in the area (i.e., they don’t make enough money to even qualify for a loan).

This article was written by: Rachel Baker – Click to Become a Patron or to follow on Twitter.

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