With home prices rising faster than wages throughout much of the country, there are fewer counties where median-priced single-family homes are still affordable for average wage earners.
Pattern of Rising Home Prices Remain Manageable But Less Affordable
ATTOM Data Solution’s Q3 2021 Home Affordability Report indicates that median-priced single-family homes are less affordable in 75% of counties in the US analyzed. Just one year ago in Q3 2020, 56% of counties in Q3 2020 that were considered less affordable.
“Less affordable” and “manageable” home prices are not the same. Based on the manageable standard of 28% that lenders prefer, major home ownership costs (monthly mortgage payments, home insurance and property taxes) are now consuming 24.9% of the average national wage of $64,857. This 24.9% is up from 24.3% in Q2 2021 and 22.3% in Q3 2020.
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Typical Homes Still Affordable to Average Local Wage Earners in 53% of Counties Analyzed
The largest counties where major home ownership expenses on typical homes are still affordable to local average wage earner in Q3 2021 include:
- Cook County IL (Chicago)
- Harris County TX (Houston)
- Dallas County TX
- Bexar County TX (San Antonio)
- Wayne County MI (Detroit)
The largest counties that are unaffordable to average local wage earners in Q3 2021 include:
- Los Angeles County CA
- Maricopa County AZ (Phoenix)
- San Diego County CA
- Orange County CA (outside Los Angeles
- Miami-Dade County FL
Top 10 Counties Requiring Lowest Annual Wages to Afford Median-Priced Home in Q3 2021
- Schuylkill County PA
- Annual income needed – $15,834
- Median sales price – $80,000
- Fayette County PA
- Annual income needed – $16,497
- Median sales price – $94,000
- Cambria County PA
- Annual income needed – $16,895
- Median sales price – $86,000
- Robeson County NC
- Annual income needed – $19,358
- Median sales price – $107,761
- Bibb County GA
- Annual income needed – $19,471
- Median sales price – $104,750
- Delaware County IN
- Annual income needed – $20,541
- Median sales price – $115,000
- Blair County PA
- Annual income needed – $20,711
- Median sales price – $135,000
- Calhoun County AL
- Annual income needed – $21,409
- Median sales price – $130,000
- Chautauqua County NY
- Annual income needed – $21,416
- Median sales price – $116,390
- Mercer County PA
- Annual income needed – $22,153
- Median sales price – $110,200
Top 10 Counties Requiring Highest Annual Wages to Afford Median-Priced Home in Q3 2021
- New York County NY (Manhattan)
- Annual income needed – $247,479
- San Mateo County CA (outside San Francisco)
- Annual income needed – $246,824
- San Francisco County CA
- Annual income needed – $241,125
- Marin County CA (outside San Francisco)
- Annual income needed – $232,106
- Santa Clara County CA (San Jose)
- Annual income needed – 223,718
- Alameda County CA
- Annual income needed – $174,841
- Santa Cruz County CA
- Annual income needed – $168,021
- Kings County NY
- Annual income needed – $154,588
- Westchester County NY
- Annual income needed – $153,647
- Orange County CA (outside Los Angeles)
- Annual income needed – $151,272
Thanks to ATTOM Data Solutions.
