Fourth place: Los Angeles
Median home price: $321,000
Median income: $63,000
Affordability score: 33.3%
For decades and decades, population growth pushed home prices in the City of Angels ever higher. Some of that increase was tempered by new development, which provided affordable housing for millions of in-migrants.
The metro area has run out of easily developable land within reasonable commuting distance. The freeways are clotted with cars and area residents living north of the Santa Monica Mountains often add an hour to their drive time to allow for delays.
All that has put a premium on home prices and the most desirable neighborhoods are very expensive. And while housing markets are down from the bubble years, they're on the rise again after bottoming last year. The median price rose to $321,000 from $310,000.
With unemployment at 11.6% and many area homeowners still saddled with expensive mortgages, foreclosures are a problem. According to RealtyTrac, there were more than 93,000 filings over the past six months in the metro area, which includes Orange County. That's the most for any metro area in the nation although.
A lot of those properties are being put on the market, which is keeping supplies of homes for sale high and prices lower than they would be otherwise. Without that, affordability would no doubt be much lower.
NEXT: Honolulu
Newbie owners go smallMedian income: $63,000
Affordability score: 33.3%
For decades and decades, population growth pushed home prices in the City of Angels ever higher. Some of that increase was tempered by new development, which provided affordable housing for millions of in-migrants.
The metro area has run out of easily developable land within reasonable commuting distance. The freeways are clotted with cars and area residents living north of the Santa Monica Mountains often add an hour to their drive time to allow for delays.
All that has put a premium on home prices and the most desirable neighborhoods are very expensive. And while housing markets are down from the bubble years, they're on the rise again after bottoming last year. The median price rose to $321,000 from $310,000.
With unemployment at 11.6% and many area homeowners still saddled with expensive mortgages, foreclosures are a problem. According to RealtyTrac, there were more than 93,000 filings over the past six months in the metro area, which includes Orange County. That's the most for any metro area in the nation although.
A lot of those properties are being put on the market, which is keeping supplies of homes for sale high and prices lower than they would be otherwise. Without that, affordability would no doubt be much lower.
NEXT: Honolulu
Last updated August 23 2010: 11:03 AM ET
