You Won’t Be Able To Afford a Home in These Cities

Rising home values can quickly transition a reasonable housing market into the type of real estate monster that has consumed places like the San Francisco Bay Area and New York City. While the idea of affordable housing in an urban center isn’t implausible for plenty of Americans living in some areas, that’s rapidly changing in many places.

GOBankingRates conducted a study to determine which major U.S. cities are on track to lose their label of affordability. GOBankingRates took the overall U.S. median home value and projected its growth over 10 years using Zillow’s September 2022-23 one-year forecast. This projection was then compared to the projections of 537 U.S. cities that currently have home prices below the national median of $356,026, with those surpassing the national median in the next 10 years (plus its projected growth rate over the same period) being deemed “not affordable.”

GOBankingRates notes that projecting into the future based on a single year’s growth rate might paint an unfair picture in markets where the current rate is an anomaly. Additionally, Zillow’s estimated home values don’t necessarily reflect the list prices or sale prices in each market.

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