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Forbes Lists the “Least Affordable Real Estate Markets”
August 21, 2007 on 4:49 pm | In Real Estate News, Home Values, Mortgages |Yesterday I told you about Forbes’ list of the “Most Affordable Real Estate Markets”, so I thought it only fair that I also present you with their list of the “Least Affordable”.
Number one on their list isn’t much of a shocker:
Given those numbers, it’s no surprise that Los Angeles tops our list of the nation’s least affordable real estate markets. We determined our ranking by combining the NAHB/Wells-Fargo index with our rating of home price to earnings, which measures how many years of gross income it would take to buy a home at the median sales price. The lower the number, the more affordable a house is for the median home buyer.
The others aren’t exactly a surprise either:
Rounding out the top ten least affordable markets are San Diego, Calif.; New York, Miami, Fla.; Sacramento, Calif.; Las Vegas, Nev.; Seattle, Wash.; Boston and Orlando.
Read the rest for an explanation of how Forbes developed this list…
Tags: real estate, real estate market, hot real estate, affordable real estate, affordable real estate market, expensive real estate, hot real estate market, expensive homes, affordable homes, unaffordable real estate
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