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California Cities Top the List of Least Affordable Housing

Mortgage News > California Cities Top the List of Least Affordable Housing
Date: 03/05/2019    California Cities Top the List of Least Affordable Housing

Californians continue to outpace the nation with the least affordable housing markets. Based on data from Zillow, residents of Silicon Valley’s San Jose spend almost half (49.9%) their income on mortgage payments. San Franciscans spend 44.2% and L.A. homeowners spend 43.7%. The national average is just 17.5%. Of the 30 largest U.S. cities, Pittsburgh, Pa. has the most affordable rate with homeowners spending only 11.6% of their incomes on mortgages. The Midwest is also extremely affordable. Those who live in Cincinnati, Detroit and St. Louis all pay less than 13% of their incomes on home loans.

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