Our Terms of Service and Privacy Policy have changed.

By continuing to use this site, you are agreeing to the new Privacy Policy and Terms of Service.

6 of 10
BACKNEXT
Least affordable: New York City
Least affordable: New York City
Prepare to spend $879,000 for a 5-bed, 4-bath across the bay from Manhattan.
Median home price: $425,000
Median income: $64,800
Affordability score: 19.7%

Home prices can be staggeringly high in the New York City metro area, but median income is not commensurately high; it's under $65,000. That combo makes this the country's least affordable major metro area.

Although, affordability has improved: The median home price has fallen from about $500,000 at the market peak, and more places are within reach now that mortgage rates are near historic lows.

After holding up better and longer than most housing markets, sales and prices around New York City have started to experience greater declines. The market there is highly influenced by what's happening on Wall Street; when financial markets sneeze, the real estate industry says "God bless you" with feeling.

Financial markets have stabilized a bit lately and investment banks are paying out bonuses. That could lead to a housing market recovery in the metro area.

NEXT: Runner up: San Francisco
Last updated February 19 2010: 7:45 AM ET
Email | Print | Share  |  RSS
 
google my aol my msn my yahoo! netvibes
Paste this link into your favorite RSS desktop reader
See all CNNMoney.com RSS FEEDS (close)
More Galleries
Sports teams want you back in the stadium Stadium attendance is down so pro sports teams are using technology to win back fans and get them in their seats. More
Homes in these ZIP codes are selling like crazy Strong job growth, growing interest from Millennials and affordable home prices are attracting home buyers to these cities. More
Working class whites & the government: It's complicated These Clearfield, Pennsylvania, residents are mad at D.C., but want more help. More

Special Offer