Top 10 Least Affordable Markets in 2006, 3rd Quarter
November 21st, 2006 • Related • Filed Under
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While living in almost any of these addresses would be wonderful, you really need to be in the top 10 percent of earners to buy a new home in any of these locales.
The National Association of Home Builders has their new affordability survey out and the results are very scary for average earners in these regions. To understand the severity of the situation, only 1.8 percent of the new housing inventory could be afforded by the average earner in L.A. Watch the middle class flee these cities as they gentrify to the extreme.
- Los Angeles-Long Beach-Glendale, CA 1.8 percent of homes built that are affordable to average buyer
- Salinas, CA 2.6 percent
- Santa Ana-Anaheim-Irvine, CA 3.8 percent
- Modesto, CA 4.1 percent
- Merced, CA 4.3 percent
- Stockton, CA 4.8 percent
- Madera, CA 4.8 percent
- San Diego-Carlsbad-San Marcos, CA 4.9 percent
- Napa, CA 4.9 percent
- New York-White Plains-Wayne, NY-NJ 5.1 percent
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Pingback by RealEstateUndressed » Blog Archive » So your new neighbor is from California? on 27 November 2006:
[...] Here is why people are leaving California. From Therealestatebloggers.com [...]
Comment by Athol Kay on 27 November 2006:
I’m seeing similar sorts of building in Connecticut. I don’t believe I’ve stepped into a newly built home that isn’t gunning for the high end dollar this year. Inside these homes you just walk and walk and walk…..
Comment by Virginia Beach, VA Real Estate on 3 December 2006:
New construction? Home builders are gunning for the top dollars in the Virginia Beach area to. Incentives are just not enough, because our buyers can negotiate a much better deal with the average “motivated seller” in our area.