5 Least Affordable Metros for Homebuyers in the US

In this article, we will take a look at the 5 least affordable metros for homebuyers in the US. If you wish to see our detailed analysis, you can go to 20 Least Affordable Metros for Homebuyers in the US.

5. Oxnard, California

Household Income Required to Afford a Home: 59.2%

Time Period Needed to Save for 20% Down Payment: 15.3 Years

Average Home Value: $849,055

The share of monthly income needed to pay the typical mortgage in Oxnard is 59.2%. The metro is one of the 20 least affordable metros for homebuyers in the US.

4. San Francisco, California

Household Income Required to Afford a Home: 63.7%

Time Period Needed to Save for 20% Down Payment: 16.3 Years

Average Home Value: $1,132,271

As of February, the typical home value in San Francisco is $1,132,271. 63.7% of the monthly household income is required to afford a home comfortably in the city.

3. San Diego, California

Household Income Required to Afford a Home: 66.3%

Time Period Needed to Save for 20% Down Payment: 17.3 Years

Average Home Value: $924,365

As of February, San Diego boasts a typical home value as high as $924,365. The typical monthly mortgage payment in the city is $4,809, as of February.

2. San Jose, California

Household Income Required to Afford a Home: 74.8%

Time Period Needed to Save for 20% Down Payment: 19.4 Years

Average Home Value: $1,554,128

San Jose is another Californian metro that does not have an affordable housing market. 19.4 years are needed to save for a 20% down payment in San Jose.

1. Los Angeles, California

Household Income Required to Afford a Home: 76.4%

Time Period Needed to Save for 20% Down Payment: 19.8 Years

Average Home Value: $935,801

Los Angeles ranks at the top of the 20 least affordable metros for homebuyers in the US. The share of monthly household income required to pay the typical mortgage in the city is one of the highest among other metros and was recorded at 76.4%.

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