Get All Access for $5/mo

This Is the Least Affordable City for Homeowners In the U.S. (And No, It's Not New York.) A new study shows the most unaffordable cities in the U.S. in the current market.

By Emily Rella

franckreporter | Getty Images

The housing market crisis has affected virtually the entire U.S., with sky-high rent and home prices creating a challenge for anyone trying to move or relocate.

And some areas have been hit harder than others.

A new study by RealtyHop is shedding light on what the most unaffordable housing markets are in the U.S. this month by examining four factors in the 100 most populous U.S. cities: the projected median household income in each city, the median for-sale home listing prices, local property taxes, and mortgage expenses (using a 30-year estimated mortgage with a 5.5% interest rate at 20% down).

Image credit: joSon | Getty Images

The results weren't surprising, with two of the top five in the New York Metro Area and two others in Florida.

The number one most unaffordable housing market for the month of August goes to Miami, Florida.

Calculations show that based on the median home price of $610,000 and a median household income of $44,581, the average family living in the city would have to save a brutal 87.39% of their annual income just to be able to afford a home.

Image credit: frankpeters | Getty Images

Miami was closely followed by Los Angeles (where a family, per the same calculations, would have to set aside 85.34% of their annual income to own a home) and then New York City (82.47% would have to be set aside for home ownership costs).

Newark, New Jersey was fourth on the list which closed out with Hialeah, Florida taking the last spot at number five.

Despite recent news of a housing recession, it doesn't look like homes will be more affordable anytime soon.

Data shows that housing prices rose 20.6% in a one-year period in March 2022, the largest increase in over 30 years.

Emily Rella

Entrepreneur Staff

Senior News Writer

Emily Rella is a Senior News Writer at Previously, she was an editor at Verizon Media. Her coverage spans features, business, lifestyle, tech, entertainment, and lifestyle. She is a 2015 graduate of Boston College and a Ridgefield, CT native. Find her on Twitter at @EmilyKRella.

Want to be an Entrepreneur Leadership Network contributor? Apply now to join.

Editor's Pick

Business News

How to Be a Billionaire By 25, According to a College Dropout Turned CEO Worth $1.6 Billion

Austin Russell became the world's youngest self-made billionaire in 2020 at age 25.

Side Hustle

This Former Disney Princess Lived 'Paycheck to Paycheck' Before Starting a Side Hustle at Home — Now She Makes $250,000 a Year

Victoria Carroll's income was "sporadic" until a friend encouraged her to take her talents to Fiverr in 2018.

Employee Experience & Recruiting

The Secret to Turning Disengaged Employees into Rockstar Team Players

Transforming disengaged employees into enthusiastic team players hinges on insightful assessments, effective communication, targeted recognition and proactive career development.


Taylor Swift Has a Lucky Number. And She's Not the Only High Performer Who Leans Into Superstitions to Boost Confidence.

Even megastars like Swift need a little extra something to get them in the right mindset when it is game time.

Business Ideas

63 Small Business Ideas to Start in 2024

We put together a list of the best, most profitable small business ideas for entrepreneurs to pursue in 2024.


SEO Trends You Need to Be Aware of Right Now, According to a Seasoned Pro

Navigate the future of search engine optimization to elevate your online presence and drive meaningful engagement.