RealtyHop Housing Affordability Index: August 2024
In this August edition of the RealtyHop Housing Affordability Index, we examine what American households across the 100 largest cities need to spend on housing to find out:Is homeownership affordable or possible for the average American family?American families continue facing unaffordable housing markets in most cities, yet some markets may feel relief as interest rates decrease this month. The average 30-year fixed rate went down to 6.7925%, about 20 basis points lower than the previous month. Those looking to purchase property this season should consider what others in their local housing market must pay monthly. Key FindingsHomebuyers in 88 out of the 100 major cities we analyzed would have to spend over 30% of their annual income on homeownership; that’s two less than last month.In the 25 most unaffordable housing markets nationwide, homeowners spend at least 47% of their income on homeownership costs.California remains unaffordable for average Americans. Seven of the ten least affordable markets are in California.Two of the five least affordable housing markets — Irvine, CA, and Newark, NJ — became less affordable this month.Median home prices increased in all five of the most affordable housing markets for the second month in a row: Toledo, OH; Detroit, MI; Fort Wayne, IN; Wichita, KS; and Buffalo, NY.The 5 Least Affordable Housing Markets1. Los Angeles, CALos Angeles holds onto its spot as the country’s least affordable housing market. The median list price dipped slightly to $1,075,000, and households can expect to spend 93.13% of their monthly income on mortgage payments and property taxes.2. Miami, FLMiami remains the second least affordable housing market this month. Families with a median household income of $57,117 will spend $4,186.05 monthly on their homeownership costs.3. Irvine, CAIrvine also maintained its spot in the rankings and is the third least affordable housing market. The median list price increased to $1,530,000, and homeowners with a median income must spend 84.78% of their income on mortgage payments and property taxes.4. New York, NYNew York City maintains its spot as the fourth least affordable housing market. The median list price decreased to $840,500, and households can expect to spend $4,838.44 monthly on homeownership costs.5. Newark, NJNewark is still the fifth least affordable housing market this month. Prospective buyers can expect to spend $409,900 on a home and direct 69.25% of their monthly income toward the costs of homeownership.The 5 Most Affordable Housing Markets1. Toledo, OH Toledo again ranked as the most affordable housing market in the country. With a median list price of $115,000, households can expect to spend $763.19 monthly on mortgage payments and property taxes, or 19.37% of their annual income.2. Detroit, MI Detroit also held its spot in the rankings as the country’s second most affordable housing market. Households generating a median income of $39,316 can expect to spend 19.55% of their monthly earnings on homeownership costs.3. Fort Wayne, INFort Wayne remained the third most affordable housing market this month. The median list price increased slightly to $224,900, and buyers can expect to spend 26.38% of their income on mortgage and tax payments.4. Wichita, KSWichita is the fourth most affordable housing market. Homeowners can expect to spend $1,397.12 a month on housing costs for a home with a median list price of $226,000.5. Buffalo, NYBuffalo ranked as the fifth most affordable housing market this month. With a median list price of $184,900, households can expect to spend 28.28% of their income monthly on the costs associated with homeownership.Housing Markets to WatchThe following housing markets witnessed significant changes this month.Irving, TXIrving is now the 40th least affordable housing market in the country. While the city only jumped four places in our rankings, the median list price increased by 4.82% to $434,999. This significant increase means households with a median income need to direct 43.29% of it toward housing costs.Plano, TXAnother part of Texas is also of note this month. Plano dropped eight spots to become the 57th least affordable housing market. Families with a median income of $110,029 can expect to spend $3,576.34 monthly on their mortgage payments and property taxes.Chesapeake, VAChesapeake households also watched their market become less affordable this month, moving to the 81st spot on our list. The median list price increased to $435,000, and families can expect to direct 31.92% of their income toward the costs of homeownership.MethodologyThe RealtyHop Housing Affordability Index analyzes proprietary and ACS Census data to provide an index of housing affordability and homeownership burden across the 100 most populous cities in the country. Median home prices are calculated using over 800,000 listings in the RealtyHop database over the month prior to publication.To calculate the index, the following statistics are used:1) Projected median household income2) Median for-sale home listing prices via RealtyHop data3) Local property taxes via ACS Census data4) Mortgage expenses, assuming a 30-year mortgage, a 6.7925% mortgage interest rate based on reported weekly averages in July, and a 20% down payment.Full DataThe post RealtyHop Housing Affordability Index: August 2024 appeared first on RealtyHop Blog.
What You’ll Get in NYC for $900,000
New York City still hosts the country’s fourth least affordable housing market, and buyers must carefully asses their budget and search criteria during the purchasing process. Buyers looking for larger apartments with multiple bedrooms can still find appealing options. The following units under $900,000 include in-unit laundry, private outdoor space, and stainless steel appliances. 120 Riverside Boulevard #4J Manhattan, NYPRICE$899,000BED1BATH1TYPECondoNEIGHBORHOODUpper West SideBOROUGHManhattanUpper West Side buyers can consider this spacious one-bedroom condo with floor-to-ceiling windows. Upon entering the unit, owners will find the galley kitchen with stainless steel appliances, a dishwasher, and light wood cabinetry. The large living room includes a coat closet and a hidden in-unit washer and dryer. Residents will appreciate additional storage in the bedroom and modern finishes, including a full bathtub in the bathroom. The building boasts multiple attractive amenities, including a state-of-the-art fitness center with a steam room and sauna, a media lounge with a projection screen, and a furnished rooftop with sweeping views of the Hudson River. Owners will appreciate their proximity to Lincoln Center, Riverside Park, and Upper West Side restaurants.27 Dodworth Street #4F Brooklyn, NYPRICE$895,000BED2BATH2TYPECondoNEIGHBORHOODBushwickBOROUGHBrooklynCouples and small families will enjoy the natural light and private outdoor space in this two-bedroom, two-bathroom condo. The main floor includes a living room with access to the private balcony and the smaller of the two bedrooms, which could convert into a home office. In the kitchen, stainless steel appliances, including a dishwasher, and a closet with the unit’s washer and dryer. Residents will walk upstairs to the primary suite, complete with a walk-in closet, private bathroom, and access to the private outdoor terrace. This outdoor space fits multiple pieces of furniture and provides city views. The penthouse unit is one of five condos in the building, offering a small and quiet community settled near Bushwick’s vibrant restaurants, nightlife, and entertainment. This unit just dropped in price and is available for under $900,000.110-38 64 Avenue #3635 Queens, NYPRICE$879,000BED3BATH2TYPECo-opNEIGHBORHOODForest HillsBOROUGHQueensFamilies can sprawl out in this two-story townhouse with lofted space. The large living and dining area offers space for plenty of furniture and receives natural light through six windows. Owners will appreciate the features of the contemporary kitchen, including stainless steel appliances, multiple cabinets, and an island with room for seating. The unit’s three bedrooms reside on the first floor, and the primary suite includes a private bathroom and two closets. Upstairs, owners can take advantage of plenty of storage space and use the home’s fourth room as an office, playroom, or other recreational area. This floor also includes a sitting room, three more closets, and a half bathroom. Throughout the home, residents will appreciate in-unit laundry, central air conditioning, and hardwood floors. This unit has a low cap rate of 2.79%.155 E 73rd Street #9B Manhattan, NYPRICE$850,000BED2BATH1TYPECo-opNEIGHBORHOODUpper East SideBOROUGHManhattanThis bright and expansive two-bedroom receives plenty of natural light that shines off the dark hardwood floors. The oversized living room in this unit stands out with plenty of windows, a fireplace, and a full wall of built-in storage. Multiple cooks can make a meal in the kitchen with stainless steel appliances, a dishwasher, and white cabinetry. Each bedroom offers two windows and storage space, with the primary bedroom boasting a walk-in closet. This pet-friendly unit resides in a 34-unit building with a part-time doorman, laundry room, and bike storage. Residents will live near Central Park, Upper East Side shopping opportunities, and restaurants.75 Henry Street #2F Brooklyn, NYPRICE$835,000BED1BATH1TYPECo-opNEIGHBORHOODBrooklyn HeightsBOROUGHBrooklynThe oversized kitchen in this co-op makes it appealing to cooking enthusiasts. When owners enter the unit, they’ll find the kitchen directly on their left, featuring stainless steel appliances, a pantry, and plenty of counter space with room for barstool seats. Off the other side of the foyer rests two closets. The open-concept living area includes large windows and a door onto the private balcony, which includes enough room for chairs and a small table. Owners can place a king-size bed in the bedroom and will appreciate the spacious walk-in closet. Throughout the unit, they’ll see hardwood floors and feel the central air conditioning. This unit resides in 75 Henry, a full-service building with a gym, indoor garage, and a planted terrace.The post What You’ll Get in NYC for $900,000 appeared first on RealtyHop Blog.
What You’ll Get in NYC for $875,000
New York City hosts the country’s fourth least affordable housing market, forcing buyers to carefully asses their budget and search criteria during the buying process. Buyers looking for larger apartments with multiple bedrooms can still find appealing options. The following units under $875,000 include pre-war charm, in-unit laundry, and private outdoor space. 77 W 55th Street #3E Manhattan, NYPRICE$875,000BED2BATH1TYPECondoNEIGHBORHOODMidtownBOROUGHManhattanThis spacious two-bedroom provides an attractive opportunity for Midtown workers who prioritize a short commute. Owners will find two closets immediately upon entering the foyer, then turn right into the oversized living room with multiple windows. The windowed kitchen separates the two bedrooms and boasts stainless steel appliances, a dishwasher, and plenty of cabinet and counter space. Residents can use the smaller bedroom for various purposes, such as an at-home office or dining room. More closet spaces rest around the unit, with two closets off of the bathroom and an additional larger closet in the primary suite. This home resides in the Gallery House, a luxurious building with 184 units that presents sweeping views of the Manhattan skyline and Central Park. Throughout the building, residents can take advantage of amenities like a roof deck, parking garage, and laundry facilities.702 45th Street #3L Brooklyn, NYPRICE$849,000BED3BATH1TYPECo-opNEIGHBORHOODSunset ParkBOROUGHBrooklynFamilies will find plenty of space to spread out in this three-bedroom co-op that is steps away from Sunset Park. This renovated home includes a modern kitchen with stainless steel appliances, butcher block counters, and space for barstool seating. Owners will find a wall of built-in bookcases in the living room, complete with multiple windows and dark hardwood floors. This room can remain as a living room space or convert to a bedroom, at-home office, or other recreational space. The remaining two bedrooms sit on opposite sides of the home, and the primary bedroom includes a spacious closet. Residents will acquire additional storage space within the home and live in a quiet building with bike storage, laundry facilities, and a live-in super.37-16 80th Street #42 Queens, NYPRICE$875,000BED2BATH1TYPECo-opNEIGHBORHOODJackson HeightsBOROUGHQueensThis bright and welcoming co-op is ready to welcome new owners. The two-bedroom unit includes plenty of space with a living room, dining room, and separate home office, making this an appealing option for those who work at home. Owners will find two large windows and a wood-burning fireplace in the living room and plenty of space for a full dining room set off the kitchen. The renovated kitchen features custom cabinetry with quartz countertops, updated appliances, and a large exposed wooden beam. Each bedroom boasts enough space for plenty of furniture and includes closet space and ceiling fans. Pre-war charm flows throughout the home with hardwood floors, high-beam ceilings, and crown molding. Residents will find bike storage, laundry, and private storage in the basement, then walk through the complex to find gardens and outdoor seating. This unit has a low cap rate of 2.49%.129 E 82nd Street #8A Manhattan, NYPRICE$875,000BED2BATH1TYPECo-opNEIGHBORHOODUpper East SideBOROUGHManhattanProspective buyers who are in the market for a classic Upper East Side pre-war home can consider this two-bedroom in a well-maintained building. The unit features original hardwood floors, high-beamed ceilings, and molding throughout. Upon entering the residence, owners can enter the kitchen or living room with in-unit laundry, plenty of windows, and space for a dining table. The bedrooms reside on the other side of the co-op and offer multiple closets and similar-sized floorplans. Buyers will gain access to the building’s additional amenities like a full-time doorman, live-in super, laundry facilities, and an eye-catching lobby. This unit is new to the market and rests a few blocks from Central Park and the Metropolitan Museum of Art.500 4th Avenue #5D Brooklyn, NYPRICE$865,000BED1BATH1TYPECondoNEIGHBORHOODGowanusBOROUGHBrooklynBuyers looking for a luxurious unit can consider this modern and oversized one-bedroom with access to various building amenities. The front door opens into the sprawling open-concept kitchen and living room space that features floor-to-ceiling windows and light hardwood floors. At-home chefs will enjoy marble countertops and stainless steel appliances, including a wine fridge and dishwasher in the kitchen. Owners will walk past the laundry closet into the bedroom, which features additional large windows and a walk-in closet. Throughout the apartment, residents can appreciate central heating and cooling, a luxurious bathroom, and a balcony with city views. Residents can explore the remainder of the building to find a fitness center, a private screening room, and a landscaped terrace. This building sits near Prospect Park, and the unit has a low cap rate of 3.02%.The post What You’ll Get in NYC for $875,000 appeared first on RealtyHop Blog.
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