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% |
