California’s housing market continues to crush average homebuyers. According to new rankings from WalletHub, 9 out of the 10 least affordable cities for homebuying are in the Golden State.
These are the 10 least affordable cities for for homebuyers in the U.S., according to the study:
291. Pasadena, CA
292. New York, CA
293. Burbank, CA
294: Los Angeles, CA
295: Glendale, CA
296: Irvine, CA
297. Costa Mesa, CA
298. Berkeley, CA
299: Santa Monica, CA
300: Santa Barbara, CA
On the flip side, there’s not a single California city in the top 10 or even in the top 50 most affordable cities for homebuyers. Victorville was ranked as the most affordable city for homebuying in California, coming it at #69 nationwide. It was followed by Lancaster at #101 and Visalia at #114. The two most affordable cities natiowide are Flint and Detroit, Michigan.
To determine the rankings, WalletHub compared 300 U.S. cities of varying sizes across ten key metrics, including median home price vs. income, maintenance costs as a share of income, homeowners insurance rates, real estate taxes, rent-to-price ratios and more. Each metric was graded on a 100-point scale, and then all cities were assigned an overall score.
Click here to see full rankings and methodology.
List and data were compiled by WalletHub and do not reflect statistics on all cities.