AgentMortgage

Zillow reports the nation’s most unaffordable housing markets

In five major metros residents spend 40 percent or more of their income on rent
  • Those that lease within the city of Miami spend 72 percent on their income on rent.
  • San Francisco is one of the most unaffordable cities for both the typical renter and typical homeowner.
  • In Houston, Baltimore and Chicago it is much cheaper to buy versus rent.

With incomes predicted to grow at roughly the same rate by year's end as home values and rents, housing costs are forecasted to plateau -- not improve or get any worse -- in some of the nation's largest cities. This prediction has to be a slice of good news for renters and homebuyers in San Francisco, Miami, New York City and Los Angeles, as these cities are some of the most unaffordable housing markets nationally. According to analysis from Zillow, Miami not San Francisco is the most unaffordable city for rentals nationally, while the city by the bay remains the priciest for homebuyers. The real estate website estimates Miami residents that lease spend 72 percent of their income on rent. The city is considered the most unaffordable for "typical renters," with these individuals spending more than 78 percent of their income on rent. Zillow cites a market median rent of $2.151. The Miami metro as a whole is considered the third least affordable major metro for rent...