Residents in several major U.S. cities are experiencing a notable increase in the availability of affordable homes, according to a recent report from Zillow. The findings indicate that home affordability varies significantly across the country, with many cities east of the Mississippi River offering a higher percentage of homes within reach for median-income households.
The report highlights that approximately 55.1% of homes in Buffalo, New York, are considered affordable for residents earning a median income. Following closely behind are St. Louis, Missouri, at 54.5% and Pittsburgh, Pennsylvania, at 54.3%. This trend reflects a broader shift in housing dynamics, particularly in urban areas where median incomes have struggled to keep pace with rising home prices.
Top Cities for Affordable Homes
Zillow’s analysis identifies the top ten cities where residents have the best chance of finding affordable housing. The list is as follows:
1. Buffalo, NY – 55.1%
2. St. Louis, MO – 54.5%
3. Pittsburgh, PA – 54.3%
4. Detroit, MI – 52.8%
5. Cincinnati, OH – 50.1%
6. Indianapolis, IN – 48.5%
7. Baltimore, MD – 48.1%
8. Cleveland, OH – 46.1%
9. Birmingham, AL – 45.1%
10. Minneapolis, MN – 43.2%
While many cities in the eastern United States report favorable conditions for homebuyers, the situation is markedly different in the western states, particularly in California. In the Los Angeles area, only 3% of homes are classified as affordable for those with median incomes. Following Los Angeles, San Diego ranks second lowest at 6.4%.
Challenges in Other Regions
The report also examines challenges faced by prospective buyers in other regions. In New England, the availability of affordable homes is similarly limited. For example, only 9.1% of homes near Providence, Rhode Island, meet affordability criteria, while Boston is not far behind at 11.9%.
The complete rankings for cities with the least affordable housing are as follows:
1. Los Angeles, CA – 3%
2. San Diego, CA – 6.4%
3. Providence, RI – 9.1%
4. Sacramento, CA – 11.3%
5. San Jose, CA – 11.4%
6. Boston, MA – 11.9%
7. New York, NY – 12.5%
8. Riverside, CA – 13.2%
9. San Francisco, CA – 13.6%
10. Seattle, WA – 15.5%
These figures demonstrate a stark contrast in housing affordability within the United States, suggesting that residents in various regions face different challenges and opportunities in the current housing market.
For a comprehensive look at the report and to explore the number of homes classified as affordable in specific areas, visit Zillow’s official website.
