An analysis of median incomes compared with the typical monthly cost of a mortgage has revealed the extent to unaffordability in some markets
An analysis of median incomes compared with the typical monthly cost of a mortgage has revealed the extent to unaffordability in some markets.
In some areas, high home prices mean that even local high earners are struggling to afford to buy a home according to the report from consumer research firm ValuePenguin.
Only 18 of the counties analyzed had median incomes of $100,000 or more but even there, high home prices make them some of the most unaffordable in the US.
Seasonal destinations such as Nantucket and Jackson Hole were among the most unaffordable and included many high-value real estate markets like New York, San Francisco, Orange County, Seattle and the Virginia suburbs of Washington, DC; despite high median incomes.
Property values among Bay Area counties such as San Mateo and Marin were several times higher than the most affordable areas, although incomes were similar.
The top 5 most unaffordable for those on a median income of $70,000 or more were:
County Median Household Income Median Home Value
New York, NY $77,932 $928,224
San Francisco, CA $88,829 $936,053
Nantucket, MA $99,870 $965,236
Dukes, MA $70,226 $668,689
Santa Cruz, CA $72,450 $684,279
Los Alamos, NM and Delaware, OH were the most affordable in the 18 counties in the US where median incomes exceed $100,000.
Full details are available on ValuePenguin’s website.
In some areas, high home prices mean that even local high earners are struggling to afford to buy a home according to the report from consumer research firm ValuePenguin.
Only 18 of the counties analyzed had median incomes of $100,000 or more but even there, high home prices make them some of the most unaffordable in the US.
Seasonal destinations such as Nantucket and Jackson Hole were among the most unaffordable and included many high-value real estate markets like New York, San Francisco, Orange County, Seattle and the Virginia suburbs of Washington, DC; despite high median incomes.
Property values among Bay Area counties such as San Mateo and Marin were several times higher than the most affordable areas, although incomes were similar.
The top 5 most unaffordable for those on a median income of $70,000 or more were:
County Median Household Income Median Home Value
New York, NY $77,932 $928,224
San Francisco, CA $88,829 $936,053
Nantucket, MA $99,870 $965,236
Dukes, MA $70,226 $668,689
Santa Cruz, CA $72,450 $684,279
Los Alamos, NM and Delaware, OH were the most affordable in the 18 counties in the US where median incomes exceed $100,000.
Full details are available on ValuePenguin’s website.
