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The 5 Most and 5 Least Affordable US Housing Markets

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Affordability

The 5 Most and 5 Least Affordable US Housing Markets

The top five least affordable major markets are all in California, while Lansing, Mich., leads the pack of affordable metros


February 8, 2024
Landing, Michigan, city skyline at dusk

Housing affordability during Q4 2023 was near its lowest level in more than a decade and remained virtually unchanged from the previous quarter, according to the National Association of Home Builders (NAHB)/Wells Fargo Housing Opportunity Index (HOI), NAHB's Eye On Housing reports. Just 37.7% of new and existing homes sold between the beginning of October and the end of December were affordable to families earning the U.S. median income of $96,300—nearly identical to Q3 2023 (37.4%), the lowest reading since NAHB began consistently tracking affordability in 2012.

The HOI shows that the national median home price was $375,000 in the fourth quarter, down from $388,000 in the third quarter. Meanwhile, average mortgage rates increased more than 30 basis points from 7.13% in the third quarter up to 7.44% in the fourth quarter—the highest rate in the HOI series history.

The top five most affordable major housing markets in the fourth quarter of 2023 were:

  1. Lansing-East Lansing, Mich.
  2. Harrisburg-Carlisle, Pa.
  3. Indianapolis-Carmel-Anderson, Ind.
  4. Dayton-Kettering, Ohio
  5. Akron, Ohio

 

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