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.

Newark, N.J.

gallery least affordable housing newark
  • Median home price: $349,000
  • Median income: $91,900
  • % of homes that are affordable: 55.3%

Newark doesn't conjure up images of luxury high-rises or leafy upper-middle-class suburbs, but the communities surrounding it do.

In fact, in the inner city, a typical house costs less than $160,000, according to Trulia. But in nearby Manhattan-satellite cities, like Jersey City and Hoboken, prices are much higher. So, too, are prices in the lush New Jersey suburbs of Madison, Morristown and Short Hills. All of that serves to lift the area's overall median home prices.

Despite all of these pricey homes, a high median income in the area has helped to raise the area's affordability score and more than half of homes sold last quarter could be purchased by the typical local family.

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.
  @CNNMoney - Last updated November 29 2012 02:02 PM ET

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