A recent report from Zillow reveals a notable increase in the availability of affordable homes in several major cities across the United States. While the definition of “affordable” can vary, the data highlights a significant trend: many residents earning a median income are finding more housing options within their financial reach.
This shift is particularly pronounced in cities located east of the Mississippi River. According to Zillow, over half of the homes available in certain locations are now classified as affordable for median-income households. Leading the list is Buffalo, New York, where approximately 55.1% of listed homes meet this criterion. Following closely are St. Louis, Missouri, at 54.5%, and Pittsburgh, Pennsylvania, with 54.3% of homes considered affordable.
Top Cities for Affordable Housing
The report ranks the ten cities with the highest percentage of affordable homes, showcasing a trend that may offer hope to prospective buyers. The following cities top the list:
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. Cincinnati, OH – 46.1%
9. Birmingham, AL – 45.1%
10. Minneapolis, MN – 43.2%
This data indicates that for many individuals and families in these cities, the dream of homeownership may be becoming more attainable.
Conversely, the situation appears less favorable in the western states, particularly in California. In Los Angeles, only 3% of homes on the market are classified as affordable for median-income residents. San Diego follows with a slightly higher percentage of 6.4%.
Challenges in Western U.S. Markets
The contrast between eastern and western markets highlights significant regional disparities. For instance, Zillow reports that the percentage of affordable homes in other California cities is also low. The following cities rank among those with the least amount of affordable housing available:
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%
The data underscores the challenges faced by residents in these areas, where the affordability crisis remains acute. In New England, for example, only 9.1% of homes near Providence fall within the price range for median-income households, with Boston not far behind at 11.9%.
As housing prices continue to fluctuate, the findings from Zillow serve as a crucial indicator of shifting market dynamics. For those interested in exploring affordable housing options, the full report is available on Zillow’s website, offering insights into local markets and the percentage of homes within reach for median-income residents.