Airdeed Homes’ housing affordability study shows California as the least affordable state for families earning the median household income. With current interest rates, a family that earns around the median household income has been priced out of the housing market.
JACKSONVILLE, Fla., July 17, 2023 /PRNewswire-PRWeb/ — A comprehensive research study conducted by Airdeed Homes, a leading real estate search engine, has unveiled striking disparities in housing affordability among the top 50 major cities. The study, which compared median household income, adjusted for wage growth, with the current median home listing prices for three and four bedroom properties, sheds light on the challenges faced by urban residents seeking affordable housing. These findings are crucial for policymakers and stakeholders as they navigate the complex housing affordability landscape and strive for sustainable urban development.
Based on data from the 2020 Census, the in depth housing study focused on 3- and 4-bedroom homes to highlight families’ affordability challenges. By analyzing the price-to-income ratio, which measures housing affordability in relation to household income, Airdeed Homes provided a comparative analysis of major cities across the United States.
Key findings from the study include:
- Wide Variation in Affordability: The research uncovered significant variations in housing affordability among major cities, with price-to-income ratios ranging from 3.911 to 29.256.
- Most Affordable Cities: Fort Worth, Wichita, Chicago, Philadelphia, and Virginia Beach emerged as the most affordable cities, where households could allocate a smaller portion of their income toward housing costs.
- Least Affordable Cities: Los Angeles, Long Beach, Miami, Oakland, and San Diego ranked as the least affordable cities, with high price-to-income ratios posing significant challenges for residents in these areas.
The study emphasizes the need for comprehensive policy discussions and decision-making processes to address housing affordability concerns in major cities. Supply and demand dynamics, local economic conditions, and government policies are pivotal in shaping the affordability landscape.
“These findings highlight that states like California with statewide ratios significantly higher than others have a broken and unsustainable housing market.” said Cory Weikel, CEO at Airdeed.
The research study conducted by Airdeed offers valuable insights for policymakers, urban planners, and real estate professionals. It is a foundation for evidence-based decision-making processes and stimulates discussions on potential strategies to improve housing affordability in major cities.
Least Affordable Cities based on 4-bedroom homes:
- Los Angeles
- Long Beach
- Miami
- Oakland
- San Diego
- San Jose
- San Francisco
- Tampa
- New York
- Tucson
Most Affordable Cities Based on 4-bedroom homes:
- Fort Worth
- Wichita
- Chicago
- Philadelphia
- Virginia Beach
- San Antonio
- Jacksonville
- Oklahoma City
- Columbus
- Louisville
About Airdeed Homes:
Airdeed Homes is a leading real estate search engine and Zillow Competitor. Their data-driven home search marketplace is designed to help home buyers and sellers make informed decisions about their housing needs by providing local business data on nearby real estate properties for sale.
Pull Quote
These findings highlight that certain states, like California, with statewide ratios significantly higher than others have a broken and unsustainable housing market.
Media Contact
Cory Weikel, Airdeed Homes, 1 (904) 671-6348, [email protected], https://airdeed.com/
SOURCE Airdeed Homes
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