In many metros in the United States, the median household income was insufficient to qualify for the median-priced home. Among the 50 largest metros in the U.S., San Jose-Sunnyvale-Santa Clara, CA was the least affordable one in 2022, with the housing affordability index at 41.5 index points. This means that the median household income, when accounting for monthly housing expenses, was less than 42 percent of the necessary income to qualify for a mortgage. An index value over 100, on the other hand, shows that the median income is sufficient for a mortgage. Metros, such as Cleveland-Elyria, OH, and St. Louis, MO-IL had a median household income much higher than the income needed to buy the median-priced home.
Housing affordability based on the median income to the qualifying income for a mortgage ratio in the largest metros in the United States in 2022
The index considers the median-priced existing single-family home, the effective mortgage rate on loans closed on existing homes, 25 percent qualifying ratio for monthly housing expense and a 20 percent down payment.
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National Association of Realtors. (July 24, 2023). Housing affordability based on the median income to the qualifying income for a mortgage ratio in the largest metros in the United States in 2022 [Graph]. In Statista. Retrieved November 25, 2024, from https://www.statista.com/statistics/1374994/mortgage-affordability-in-the-usa-by-metro/
National Association of Realtors. "Housing affordability based on the median income to the qualifying income for a mortgage ratio in the largest metros in the United States in 2022." Chart. July 24, 2023. Statista. Accessed November 25, 2024. https://www.statista.com/statistics/1374994/mortgage-affordability-in-the-usa-by-metro/
National Association of Realtors. (2023). Housing affordability based on the median income to the qualifying income for a mortgage ratio in the largest metros in the United States in 2022. Statista. Statista Inc.. Accessed: November 25, 2024. https://www.statista.com/statistics/1374994/mortgage-affordability-in-the-usa-by-metro/
National Association of Realtors. "Housing Affordability Based on The Median Income to The Qualifying Income for a Mortgage Ratio in The Largest Metros in The United States in 2022." Statista, Statista Inc., 24 Jul 2023, https://www.statista.com/statistics/1374994/mortgage-affordability-in-the-usa-by-metro/
National Association of Realtors, Housing affordability based on the median income to the qualifying income for a mortgage ratio in the largest metros in the United States in 2022 Statista, https://www.statista.com/statistics/1374994/mortgage-affordability-in-the-usa-by-metro/ (last visited November 25, 2024)
Housing affordability based on the median income to the qualifying income for a mortgage ratio in the largest metros in the United States in 2022 [Graph], National Association of Realtors, July 24, 2023. [Online]. Available: https://www.statista.com/statistics/1374994/mortgage-affordability-in-the-usa-by-metro/
