Markets that seem affordable, because their median home price is lower than other areas, may actually be unaffordable for people who live there. Oklahoma City, Pittsburgh and Indianapolis top the list of metros that pass a more realistic test.
Affordability is a relative concept in housing. Markets that seem affordable because their median rent is on the low side may actually be unaffordable to people who live there. For that reason, we measure affordability by the share of median income that residents pay for a 30-year fixed mortgage on a typical home. By that measure, the following 10 markets were the most affordable among the largest 50 metro areas at the end of 2017. Below them is a list of the least affordable large markets.
| Share of Income Spent on Mortgage: 10.8% |
| Zillow Home Value Index: $136,300 |
| National Population Rank: 42 |
| Inventory: 6,395 homes |
| Share of Income Spent on Mortgage: 10.9% |
| Zillow Home Value Index: $139,100 |
| National Population Rank: 22 |
| Inventory: 9,671 homes |
| Share of Income Spent on Mortgage: 11% |
| Zillow Home Value Index: $142,300 |
| National Population Rank: 33 |
| Inventory: 6,476 homes |
| Share of Income Spent on Mortgage: 11% |
| Zillow Home Value Index: $124,800 |
| National Population Rank: 41 |
| Inventory: 3,878 homes |
| Share of Income Spent on Mortgage: 11.1% |
| Zillow Home Value Index: $150,800 |
| National Population Rank: 18 |
| Inventory: 11,027 homes |
| Share of Income Spent on Mortgage: 11.3% |
| Zillow Home Value Index: $144,400 |
| National Population Rank: 12 |
| Inventory: 12,063 homes |
| Share of Income Spent on Mortgage: 11.3% |
| Zillow Home Value Index: $135,000 |
| National Population Rank: 49 |
| Inventory: 5,330 homes |
| Share of Income Spent on Mortgage: 11.4% |
| Zillow Home Value Index: $156,600 |
| National Population Rank: 28 |
| Inventory: 5,860 homes |
| Share of Income Spent on Mortgage: 11.6% |
| Zillow Home Value Index: $137,000 |
| National Population Rank: 29 |
| Inventory: 8,617 homes |
| Share of Income Spent on Mortgage: 11.9% |
| Zillow Home Value Index: $166,100 |
| National Population Rank: 30 |
| Inventory: 7,513 homes |
San Jose, CA
Los Angeles-Long Beach-Anaheim, CA
San Francisco, CA
San Diego, CA
New York, NY
Sacramento, CA
Riverside, CA
Seattle, WA
Portland, OR
Boston, MA
