A recent report from Zillow highlights a significant increase in the availability of affordable homes in several major cities across the eastern United States. As mortgage payments have more than doubled over the past five years, affordability has become a pressing issue for many Americans. The data shows that residents earning a median income are finding a greater selection of homes within their budget, particularly in cities east of the Mississippi River.
According to Zillow, Buffalo, New York, leads the trend, with approximately 55.1% of homes listed in the city deemed affordable for median-income households. Close behind are St. Louis, Missouri, with 54.5%, and Pittsburgh, Pennsylvania, at 54.3%. This surge in affordable housing options is particularly notable in urban markets that have historically faced challenges in housing accessibility.
Top Cities for Affordable Homes
The following cities rank highest for the percentage of homes considered affordable:
1. Buffalo, NY – 55.1%
2. St. Louis, MO – 54.5%
3. Pittsburgh, PA – 54.3%
4. Detroit, MI – 52.8%
5. Cincinnati, OH – 50.1%
6. Indianapolis, IN – 48.5%
7. Baltimore, MD – 48.1%
8. Birmingham, AL – 45.1%
9. Minneapolis, MN – 43.2%
10. Cincinnati, OH – 46.1% (Zillow)
While eastern cities are experiencing this positive trend, the situation is markedly different in the western part of the country. Zillow reports that affordability remains a significant challenge for residents in California, where only 3% of homes listed in the Los Angeles area are affordable for those earning a median income. San Diego follows closely with a mere 6.4% of homes falling into the affordable category.
Challenges in the Western U.S.
The following cities represent the lowest availability of affordable homes:
1. Los Angeles, CA – 3%
2. San Diego, CA – 6.4%
3. Providence, RI – 9.1%
4. Sacramento, CA – 11.3%
5. San Jose, CA – 11.4%
6. Boston, MA – 11.9%
7. New York, NY – 12.5%
8. Riverside, CA – 13.2%
9. San Francisco, CA – 13.6%
10. Seattle, WA – 15.5% (Zillow)
Many areas in New England are also struggling to provide affordable housing options. For instance, only 9.1% of homes near Providence, Rhode Island, are within the price range for median-income households, while Boston is slightly better at 11.9%.
The contrast between the eastern and western United States underscores a growing divide in housing affordability. As cities like Buffalo and St. Louis make strides to increase accessible housing, regions in California and the northeastern U.S. continue to grapple with high costs.
For those interested in exploring specific details about the availability of affordable homes in their area, Zillow’s full report is accessible on their website. The data serves as a valuable resource for prospective homebuyers navigating the complex real estate landscape.
