America’s Expensive Housing Markets
Even in a slow US real estate market, buying a home is out of reach for most people. In 2020, a homeowner paid on average about 25% of their income for their mortgage, but it is now up to about 36% and much higher in some areas. Home buyers in Kahului-Wailuku-Lahaina, Hawaii will have to pay more for their mortgage than they are receiving in income—paying about 115% of the per capita income. The San Francisco area ratio of income to mortgage is about 68%; also 68% in the Riverside-San Bernardino-Ontario, California area; 66% in San Diego; and about 66% in the Los Angeles area.
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