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Housing affordability based on the median income to the qualifying income for a mortgage ratio in the largest metros in the United States in 2022

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Sources

Release date

July 2023

Region

United States

Survey time period

2022

Special properties

provisional data; 50 largest metros by population

Supplementary notes

The index considers the median-priced existing single-family home, the effective mortgage rate on loans closed on existing homes, 25 percent qualifying ratio for monthly housing expense and a 20 percent down payment.

Citation formats

Mortgage affordability in the largest metros in the U.S. 2022

Published by ÌÇÐÄÆƽâ°æ Research Department, Jan 2, 2024

In many metros in the United States, the median household income was insufficient to qualify for the median-priced home. Among the ** largest metros in the U.S., San Jose-Sunnyvale-Santa Clara, CA was the least affordable one in 2022, with the housing affordability index at **** index points. This means that the median household income, when accounting for monthly housing expenses, was less than ** percent of the necessary income to qualify for a mortgage. An index value over 100, on the other hand, shows that the median income is sufficient for a mortgage. Metros, such as Cleveland-Elyria, OH, and St. Louis, MO-IL had a median household income much higher than the income needed to buy the median-priced home.

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