Boise Ranked 21st Least Afforable Housing Market

BOISE, ID — Looking at 100 of the most populous cities in the U.S., Boise is the 21st least affordable housing market according to RealtyHop, a national realty company.

Click here to subscribe to our free breaking news alerts delivered to your inbox and mobile devices. You can also download our free Patch mobile app on Android or iPhone.

According to the study, a family in Boise would need to spend 41.84% of thier monthly income to own a home. The average monthly payment is $2,093 per month.

In comparison, listed below is the five least affordable housing markets.

1. Los Angeles, CA once again topped all U.S. cities as the least affordable housing market this May. Despite a median household income of $62,142, a family in L.A. would have to spend 85.60% of their annual income to own, or $4,433 per month in dollar terms.

2. New York, NY outpaced Miami this month as the second most cost-burden U.S. city, thanks to increased demand driven by first-time homebuyers looking for a deal in the post-pandemic world. With a median asking price of $950,000, an average household looking to own would have to set aside 81.46% of annual income, or $4345 per month.

3. Miami, FL fell one spot to become the third least affordable housing market among major U.S. cities, despite a 1.90% month-over-month change in homeownership burden. The current monthly cost to own a home in Miami is $2,586, which translates to 79.47% of a family’s annual income.

4. Newark, NJ remained the fourth most expensive city for owning in the nation. The median asking price in Newark hit $347,450 this month, further pushing the city’s index up by 0.59% month-over-month. With a median household income of $35,199 a year, a family can expect to allocate 71.43% of their income towards the costs of homeownership.

5. San Francisco, CA rounded out our five least affordable markets. Despite the city’s strong income of $112,449, a family looking to own would have to spend 65.52% of their annual income toward mortgage payments and taxes, or $6,139 per month in dollar terms.

The five most affordable housing markets in the U.S. are:

1. Detroit, MI remained the most affordable U.S. market among the top 100 most populous cities. A family in the city would only need to set aside 15.38% of their annual income to own, after factoring in property taxes, monthly principal and interest, and the median asking price of $69,900.

2. Wichita, KS came in as the second most affordable city in the nation, increasing one spot on our affordability ranking. For a median asking price of $139,250, homebuyers in Wichita would need to put on average 16.32% of their annual income toward property taxes and mortgage payments.

3. Fort Wayne, IN was the third most affordable housing market, dropping one spot on our affordability ranking. Median asking prices dropped slightly to $142,900, leading to an average monthly payment of $690, or 16.75% of a household’s annual income.

4. Virginia Beach, VA came in as the fourth most affordable U.S. city this May, improving on our affordability ranking by three spots. With a median list price of $305,000, homebuyers in Virginia Beach should expect to spend on average 22.67% of their annual income on housing costs.

5. Louisville, KY concluded our affordability index this month as the fifth most affordable housing market. The city’s real estate values were up over 5% year-over-year, with median asking prices reaching $210,000. A family would need to contribute just over $1000 per month toward mortgage and property taxes, to own a home. This translates to 22.67% of their annual income.

Stay connected! Like Boise Patch on Facebook and follow us on Twitter.

Have a news tip or suggestion on how I can improve Boise Patch? Maybe you're interested in having your business become one of our latest sponsors? Email any and all inquiries to me at john.braese@patch.com.