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October 10, 2024 at 04:16 PM
Americans in search of an affordable new home face high hurdles in many U.S. cities whether they are looking to rent or buy, according to a recent report from Clever Real Estate, a St. Louis-based company.
Inflation and a post-pandemic real estate boom have pushed up home prices by at least 50% in many markets. Prospective renters across the country have encountered prices a third higher than pre-pandemic levels.
Clever Real Estate ranked 100 of the most populous U.S. metropolitan areas to find the most affordable as well as the most expensive ones. Researchers weighted 14 factors for each metro, including home values, rent prices, household incomes, homeowners insurance costs and tax rates. Home buying affordability ratio is the typical home price divided by the median household income.
They then determined each city’s weighted average across all metrics to calculate its overall score.
See the gallery for the 15 least affordable metro areas in the U.S., according to Clever.
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