Here Are the Most and Least Affordable Housing Markets in December 2022

Those who spend over 30 percent of their income on monthly housing payments are considered “cost burdened,” according to the Department of Housing and Urban Development (HUD), and as housing costs continue to rise, that’s the official designation for a growing number of homeowners in the largest U.S. cities. Luckily, a few affordable metros are still offering budget conscious buyers and first-time house hunters a viable starting point in the race to homeownership.

Wichita, Kansas ranks as the most affordable metro in RealtyHop’s December 2022 Housing Affordability Index with a median sale price of $145,000 and an average monthly payment of $816, accounting for just 16 percent of the local median household income of $59,861, The New York Times reports.

Ultimately, 75 of the 100 cities included in the report did not pass muster, requiring more than 30 percent of income to afford a home. The least affordable was Miami, where the median-priced home costs $598,000 and would require a monthly payment of $3,183 to cover mortgage and taxes — more than 85 percent of the local median household income of $44,581 (or $3,715 a month). Los Angeles and New York followed — no surprise given their steep home prices.

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