America’s Most Unaffordable Cities for Married Couples: A Ranking by Creditnews Research
Los Angeles Tops List of Most Unaffordable Neighborhoods in the U.S.
A recent study conducted by Creditnews Research has revealed that Los Angeles, California, is the U.S. city with the most unaffordable neighborhoods for married households. The study used median income for married households to determine the percentage of unaffordable neighborhoods, with areas deemed unaffordable if the monthly mortgage payment was higher than 25% of a couple’s household income.
According to the study, Los Angeles and San Jose were both found to be 100% unaffordable for the average married couple household. Los Angeles, often referred to as the city of angels, topped the ranking with the highest share of unaffordable neighborhoods in the U.S.
Sam Bourgi, Senior Analyst at Creditnews Research, highlighted the concerning trend, stating that housing costs in Los Angeles are far exceeding average income growth. The pandemic has further exacerbated the affordability crisis in the entertainment capital of the world.
Despite the grim findings for cities like Los Angeles, the study also pointed out that cities in the Midwest, Rust Belt, and parts of the South still offer affordable housing options. Cleveland, Ohio, and Memphis, Tennessee, for example, had 0% of unaffordable neighborhoods for the average married couple.
St. Louis, Missouri, ranked as the second most unaffordable housing market for married households, with 100% of the city deemed unaffordable. The lack of available homes due to people holding onto their properties has contributed to the affordability crisis in St. Louis.
Overall, the study underscores the stark reality of housing affordability in major cities across the U.S. While some areas remain out of reach for average families, there are still pockets of affordability in less popular markets. Residents are faced with the difficult choice of whether to stay in unaffordable cities or relocate to more financially viable locations.
