6 of 10
BACKNEXT
New York NY: The least affordable metro area
New York N.Y.
$455,000: A 7-bed, 3-bath, two-family attached house in the Bronx.
See More Views:
1 2 3
Median home price: $455,000
Median income: $63,000
Affordability score: 13.9%

In the nation's largest metropolis, New York, home prices took a steep dive during the quarter, to $455,000 from $500,000 three months earlier.

That was not enough to dislodge the city from its rank as the least affordable metro area in the land. Only 13.9% of the homes sold there during the quarter were affordable for median income families, who earned $63,000. That was still a major improvement from two years ago when only 5.1% of homes sold during the fourth quarter of 2006 were affordable.

The good news is that New York households have been barely brushed by the foreclosure crisis so far with only 0.71% receiving some kind of foreclosure filing during 2008.

Housing markets in the New York metro area had held up comparatively well, even after declines started to hit other boom markets hard, but with the financial services industry recording huge losses and shedding jobs, home prices may be in for some steep declines.

NEXT: San Francisco Calif: 2nd least affordable metro area
Last updated February 26 2009: 12:46 PM ET
More Galleries
RadioShack: 94 years of hits and misses The electronic giant's road to ruin is littered with 8-tracks, CD payers, pagers and many, many calculators. More
The best TV deals for the Super Bowl Want a new TV for the Super Bowl? Some great deals make now the time to buy. More
Top-paying jobs Orthopedic surgeons take home a median $410,000 in salary and bonus annually. What other great careers from CNNMoney and PayScale.com's list of Best Jobs in America offer hefty paychecks? More

Special Offer

Most stock quote data provided by BATS. Market indices are shown in real time, except for the DJIA, which is delayed by two minutes. All times are ET. Disclaimer.

Morningstar: © 2015 Morningstar, Inc. All Rights Reserved.

Factset: FactSet Research Systems Inc. 2015. All rights reserved.

Chicago Mercantile Association: Certain market data is the property of Chicago Mercantile Exchange Inc. and its licensors. All rights reserved.

Dow Jones: The Dow Jones branded indices are proprietary to and are calculated, distributed and marketed by DJI Opco, a subsidiary of S&P Dow Jones Indices LLC and have been licensed for use to S&P Opco, LLC and CNN. Standard & Poor's and S&P are registered trademarks of Standard & Poor’s Financial Services LLC and Dow Jones is a registered trademark of Dow Jones Trademark Holdings LLC. All content of the Dow Jones branded indices © S&P Dow Jones Indices LLC 2015 and/or its affiliates.