Seattle is the No. 25 least-affordable housing city in the country, up six spots from last month, according to the latest RealtyHop Housing Affordability Index.
The index measures projected median incomes, median for-sale home listings, taxes and other data to calculate the share of median income needed to afford the median home. It then ranks the 100 largest cities in the U.S. in terms of affordability.
Seattle was No. 31 in the index last month. The city’s housing is among the most expensive in the nation, but Seattle’s median income also ranks very high, balancing out its placement on the Housing Affordability Index.
Someone earning the median Seattle annual income of $104,900 would need to spend 38.57% of those earnings to pay for the estimated monthly mortgage and tax payments on the median Seattle home price of $720,000.
The least-affordable city in the nation, according to the index, is Miami. Someone earning the median Miami annual income of $43,400 would need to spend more than 80% of that income to make payments on the median Miami home price of $599,000.
Miami was followed on the list by New York City, Los Angeles, Newark, N.J., and Jersey City, N.J.
The most affordable cities in the index are, in order: Wichita, Kan., Fort Wayne, Ind., Detroit, Cleveland and Lubbock, Texas.