Affordability slipped in Q1 2022, according to ATTOM’s most recent US Home Affordability Report. (See our companion article this week titled “Affordability Slips.” This article focuses on the most and least affordable housing markets during Q1 2022.
Median-Priced Single-Family Homes Less Affordable in 79% of US Counties
As we discussed in our companion article titled “Affordability Slips in 2022” also published in this week’s calendar, median priced single-family homes were less affordable in 79% of US counties in Q1 2022. This 79% compares to just 38% of counties that were historically less affordable in Q1 2021.
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What Does Affordability Mean?
ATTOM calculates the amount of income a consumer would need in order to cover major monthly home ownership expenses such as mortgage, property taxes and insurance on a median-priced single-family home. ATTOM assumes a 20% down payment and a 28% maximum “front end” debt-to-income ratio.
ATTOM then compares that required income to annualized weekly wage data from the US Bureau of Labor Statistics.
If the monthly cost of home ownership eats up less than 28% of a worker’s monthly wage, the property is considered to be affordable. If, on the other hand, the monthly homeownership cost consumes more than 28% of a worker’s monthly wage, the property is considered to be unaffordable.
Top Ten Most Affordable Housing Markets in Q1 2022
- Schuylkill County PA (outside Allentown) – 7% of annualized local weekly wages to buy a home
- Macon County IL (Decatur) – 9.7%
- Peoria County IL – 10.2%
- Bibb County GA (Macon) – 10.2%
- Rock Island County IL (Moline) – 11%
- Cambria County PA – 11.1%
- Blair County PA – 11.5%
- Saint Lawrence County – 11.7%
- Fayette County PA – 11.7%
- Wayne County MI – 11.9%
Ten Least Affordable Housing Markets in Q1 2022
(ATTOM found that 52% of the US counties it analyzed for this report required more than 28% of a worker’s local wages to afford a typical home in Q1 2022.)
- Santa Cruz County – 92.7% of annualized local weekly wages to buy a home in Q1 2022
- Kings County NY (Brooklyn) – 91.5%
- Marin County CA (outside San Francisco) – 79.7%
- Maui County HI – 74.8%
- San Luis Obispo County CA – 73.7%
- Monterey County CA – 73.5%
- Napa County – 72.3%
- Orange County CA – 67.8%
- Santa Barbara County CA – 66.4%
- Queens County NY – 65.0%
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Thanks to ATTOM.
