A new report shows housing affordability has now hit a 10-year low.
Last quarter, U.S. homes dropped to their least affordable point since 2008.
According to the Home Affordability Report from ATTOM Data Solutions, nearly 16% of Americans live in a county where buying a median-priced home requires an annual salary of $100,000 or more.
In total, median-priced homes in 344 out of 440 counties were unaffordable last quarter, at least by historical standards.
Here are the least affordable U.S. counties to buy a home in, according to the report: Denver County, Colorado Arapahoe County, Colorado Tarrant County, Texas
Kent County, Michigan Jefferson County, Colorado And here are the most affordable: Bristol County, Massachusetts Suffolk County, New York Camden County, New Jersey Lake County, Illinois Jefferson County, Alabama To make matters worse, home price appreciation outpaced income growth in 86 percent of counties analyzed.
The worst offenders were Los Angeles County, California; Cook County, Illinois; Harris County, Texas; Maricopa County, Arizona; and Miami-Dade County, Florida.
Here’s where average wage earners need to spend the most to buy a house: Kings County, New York (134% of income needed) Marin County, California (126%) Santa Cruz County, California (120%) San Luis Obispo, California (100.5%) Maui County, Hawaii (99.8%) Here’s where average wage earners need to spend the least: Clayton County, Georgia (15.6%) Wayne County, Michigan (15.8%) Allen County, Ohio (16.2%) Saint Lawrence County, New York (16.9%) Rock Island County, Illinois (18.7%) Daren Blomquist, ATTOM’s senior vice president, attributes the drop in affordability to rising mortgage rates.
Census net migration data shows negative net migration in more than two-thirds of those highest-priced markets,” he said.
“More than three-quarters of markets requiring annual income less than $100,000 to buy a home posted positive net migration, indicating that home affordability is at least one factor driving recent migration patterns.”