The typical household in the United States can no longer afford to purchase homes in more than 50 counties across the country, a new study found.
Home affordability became a fast-rising issue in 2023 amid soaring mortgage rates and a lack of inventory in the housing market. A study conducted by Redfin found that only 15.5% of homes listed for sale were affordable for a typical U.S. household.
A new study recently published by personal finance site MoneyGeek echoed Redfin's finding and listed 57 counties where typical American households could no longer afford to buy a home. The list focused on counties with populations larger than 250,000 and a population growth above the national average of 0.55%.
Which Counties Are Houses the Most Unaffordable?
Topping the study's list of most unaffordable counties is Placer County in California. The study found that home prices appreciated 25.9% in the last two years, bringing the median home price to a whopping $740,068. In comparison, the median income of a household living in the city is $105,445.
Following Placer County is Norfolk County, Massachusetts, where home prices increased by 34% in the last two years, bringing the median home price to $740,967. The average household income in the county is $115,969.
Washoe County in Nevada came in third with a 33.9% rise in home prices. The median home price in the county is $568,847, while the median income is $80,125.
Here is a full list of the 57 counties named in the study:
|
Rank |
County |
Median household income |
Median home price |
Growth of home prices over the past two years |
|
1 |
Placer County, CA |
$105,445 |
$740,068 |
25.9% |
|
2 |
Norfolk County, MA |
$115,969 |
$740,967 |
34.0% |
|
3 |
Washoe County, NV |
$80,125 |
$568,847 |
33.9% |
|
4 |
San Joaquin County, CA |
$86,056 |
$553,133 |
29.7% |
|
5 |
Clackamas County, OR |
$97,419 |
$639,349 |
33.4% |
|
6 |
Solano County, CA |
$92,959 |
$633,442 |
27.6% |
|
7 |
Lane County, OR |
$64,069 |
$461,421 |
40.5% |
|
8 |
Contra Costa County, CA |
$120,061 |
$875,183 |
40.7% |
|
9 |
Washington County, OR |
$98,906 |
$598,213 |
25.8% |
|
10 |
Essex County, MA |
$92,413 |
$650,959 |
30.2% |
|
11 |
Sacramento County, CA |
$84,211 |
$550,422 |
28.3% |
|
12 |
Larimer County, CO |
$88,403 |
$639,709 |
44.0% |
|
13 |
Denver County, CO |
$88,213 |
$681,243 |
41.1% |
|
14 |
Marion County, OR |
$71,022 |
$439,919 |
37.6% |
|
15 |
Ada County, ID |
$87,774 |
$572,812 |
42.1% |
|
16 |
Essex County, NJ |
$74,994 |
$543,648 |
29.2% |
|
17 |
Travis County, TX |
$95,259 |
$609,625 |
49.9% |
|
18 |
Riverside County, CA |
$86,748 |
$609,299 |
42.8% |
|
19 |
Merced County, CA |
$66,164 |
$430,766 |
38.2% |
|
20 |
Plymouth County, MA |
$103,173 |
$578,535 |
35.9% |
|
21 |
Fresno County, CA |
$69,571 |
$424,915 |
34.2% |
|
22 |
Snohomish County, WA |
$101,532 |
$759,090 |
47.9% |
|
23 |
Worcester County, MA |
$86,258 |
$464,541 |
36.7% |
|
24 |
Kitsap County, WA |
$94,775 |
$565,134 |
33.4% |
|
25 |
Salt Lake County, UT |
$91,924 |
$588,713 |
43.8% |
|
26 |
Spokane County, WA |
$69,070 |
$470,279 |
56.1% |
|
27 |
Arapahoe County, CO |
$93,784 |
$605,759 |
36.8% |
|
28 |
Dane County, WI |
$84,831 |
$432,643 |
38.7% |
|
29 |
Clark County, NV |
$70,797 |
$479,988 |
41.8% |
|
30 |
Charleston County, SC |
$80,401 |
$557,579 |
51.0% |
|
31 |
Utah County, UT |
$95,338 |
$609,398 |
49.8% |
|
32 |
Clark County, WA |
$91,248 |
$543,165 |
35.0% |
|
33 |
Thurston County, WA |
$88,853 |
$533,152 |
41.2% |
|
34 |
Fulton County, GA |
$90,346 |
$538,765 |
38.3% |
|
35 |
Collier County, FL |
$80,815 |
$657,623 |
63.8% |
|
36 |
Pierce County, WA |
$93,420 |
$575,639 |
46.4% |
|
37 |
Davidson County, TN |
$72,473 |
$489,829 |
54.7% |
|
38 |
El Paso County, CO |
$82,389 |
$501,128 |
38.1% |
|
39 |
Broward County, FL |
$70,978 |
$500,480 |
52.9% |
|
40 |
Cumberland County, ME |
$89,345 |
$526,852 |
57.7% |
|
41 |
Williamson County, TN |
$129,275 |
$862,333 |
61.9% |
|
42 |
Buncombe County, NC |
$68,019 |
$464,935 |
56.0% |
|
43 |
Palm Beach County, FL |
$76,592 |
$524,918 |
54.7% |
|
44 |
Alachua County, FL |
$58,354 |
$338,834 |
42.8% |
|
45 |
Williamson County, TX |
$101,323 |
$520,953 |
54.6% |
|
46 |
Hays County, TX |
$88,617 |
$464,991 |
54.3% |
|
47 |
Manatee County, FL |
$72,108 |
$476,592 |
58.4% |
|
48 |
Canyon County, ID |
$70,818 |
$439,226 |
60.3% |
|
49 |
St. Lucie County, FL |
$62,705 |
$397,522 |
59.2% |
|
50 |
Orange County, FL |
$72,324 |
$445,503 |
54.5% |
|
51 |
Maricopa County, AZ |
$83,747 |
$516,442 |
53.5% |
|
52 |
Sarasota County, FL |
$78,341 |
$508,658 |
67.1% |
|
53 |
Mecklenburg County, NC |
$80,365 |
$471,823 |
58.6% |
|
54 |
Osceola County, FL |
$63,271 |
$396,311 |
58.3% |
|
55 |
Lee County, FL |
$71,072 |
$440,056 |
64.0% |
|
56 |
Durham County, NC |
$80,089 |
$452,381 |
71.4% |
|
57 |
Hillsborough County, FL |
$74,308 |
$436,723 |
60.3% |
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