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10 least affordable cities to buy a home

Looking to buy a home? You may want to skip these places. Prices are either so high or incomes so low that many families can't afford to buy homes here, according to the National Association of Home Builders/Wells Fargo Housing Opportunity Index.

Los Angeles

gallery least affordable housing los angeles
  • Median home price: $335,000
  • Median income: $64,800
  • % of homes that are affordable: 44.1%

Los Angeles may have its Hollywood stars, Rodeo Drive boutiques and Brentwood mansions, but it's also home to millions of blue-collar workers employed in the area's aerospace, energy, shipping and warehousing industries.

While homes are a lot more affordable now than they were during the housing boom -- back then the median price was $530,000 and only 3% of the homes sold were considered affordable to median income families -- it's still a challenge for many of the area's residents to cover the cost of a mortgage.

Things are looking up, however. The unemployment rate has fallen by two percentage points over the past 12 months and home prices are starting to stabilize even further.

Source: National Association of Home Builders/Wells Fargo Housing Opportunity Index
*The percentage of new and existing homes sold in that metro area that families earning the area's median income can afford based on standard mortgage underwriting criteria.
- Last updated November 29 2012 02:02 PM ET

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