The US has been in the grip of a housing affordability crisis for years now, and it doesn't look like the situation is improving any time soon. The median home sale price reached five times the median household income earlier this year — and depending on where in the country you are, owning a home can be even further out of reach.
Using analysis by Construction Coverage, the team at Visual Capitalist mapped the home price-to-income ratio of 54 large US cities (those with at least one million residents).
The worst housing affordability is found in Los Angeles, California, where the median home costs a staggering 12.5 times the median household income.
Including Los Angeles, the top four least affordable cities in the study are all in California. San Jose has an average home price-to-income ratio of 10.5, while Long Beach's is 10.3 and San Diego's is 9.9.
The fifth-highest home price-to-income ratio belongs to New York City, where it stands at 9.8.
When it comes to the most affordable spots, Detroit, Michigan, tops the list, with homes typically costing just 1.9 of the median household income. The ratios are also low in Cleveland, Ohio (2.7), and Memphis, Tennessee (2.9).
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Via Visual Capitalist.
