December 9, 2012

10 Least Affordable Metros: We Are Number 2. You Are Number 6.

CNN/Money has another one of their Most/Least/Best/Worst/Good/Evil slideshows that could have been presented as a table, but then they'd get ten fewer click-throughs. This time it's one of our favorite regional competitions, for 10 Least Affordable Cities for buying. Actually it's Least Affordable Metros, but it sounds better if they call them cities, even if a couple of them are known locales for multiple Portals to Hell and very few yachts or polo ponies.

10 least affordable cities to buy a home

BY LES CHRISTIE @CNNMONEY – LAST UPDATED NOVEMBER 29 2012 02:02 PM ET

Looking to buy a home? You may want to skip these places. Prices are either so high or incomes so low that many families can't afford to buy homes here, according to the National Association of Home Builders/Wells Fargo Housing Opportunity Index.

Anyway, we lost to New York City again, which is just so unfair. This isn't even an SF to Manhattan comparison, so we should have kicked serious butt here. However, California totally owns the Least Coast as far as leaderboard spots, and Washington DC didn't even qualify. We present the results in one easy list, so you don't have to click through their annoying one-city-at-a-time-gee-who-could-be-next-and-if-this-was-so-exciting-why-didn't-they-put-it-in-reverse-order-Top-Ten-List-style?

  1. New York, where 28.5% of homes are affordible. They seemed impressed by $1100 a square foot, too. But they didn't define the boundaries of any of these metro areas, so of course we can (and will) complain we were cheated on geographical grounds. We doubt this was an apples-to-Big-Apples comparison.
  2. San Francisco, 31.4%. The piece laments it's unaffordable all over, because nearby communities are also expensive. Nearby high-priced places such as Sausalito, Berkeley, and… wait for it… Daly City. We swear we are not making this up.
  3. Santa Ana, 43.5%. I kid you not. Perhaps the nearby beach towns are pulling up its results. And Disneyland. Because Santa Ana is not what comes to mind when we think “delightful but so unaffordable California real estate.”
  4. Los Angeles, 44.1%. Because “bunus” hydrocarbons and ozone raise home prices. Seriously, when did LA rediscover the bubbly?
  5. Bridgeport, Connecticut, 44.2%. Look, if you have to tell us what state the metro is in, maybe it isn't really worth mentioning. Just sayin'.
  6. San Jose, 46.2%. Above is the lovely photo they used to feature the Capital of Silicon Valley, probably because the Quetzlcoatl statue made the photog drop a perfectly good camera. Not one other metro had a freeway interchange featured. Not even Los Angeles, which loves its freeways so much they get definite articles. We suspect they're also putting their thumb on the scale by adding in San Benito County.
  7. Honolulu, 48.8%. Houses cost more because of good weather, expensive shipping, and hotel jobs pay squat. But they get a photo with palm trees.
  8. San Diego, 54.6%. Here the filler text spends more time lamenting the glory days of 6% affordability during the last bubble. Well screw you, because we're already on our next one.
  9. Newark, 55.3%. No, not that one, in New Jersey. Although Newark itself is cheap. It's la-di-da luxury locales like Hoboken and Jersey City that cost the big bucks. We're sure it's a complete coincidence that NJ made the list even though the feature author's surname is Christie.
  10. El Paso, 61.7%.This is an honest case of low overall incomes ($41.7K) as opposed to expensive housing ($141K).

Let us know if you find any of these results surprising, or what you plan to do to ensure we never lose to New York or LA or The OC ever again.. Or mention anything you want, because this is Your Weekend Open Thread.

 

Comments (7) -- Posted by: madhaus @ 5:04 am

7 Responses to “10 Least Affordable Metros: We Are Number 2. You Are Number 6.”

  1. Real Estater Says:

    Take a closer look. The 2 Bay Area cities are the only places where median income is in the 6 figures. All the other places with the possible exception of New York are minor league by comparison.

  2. SEA Says:

    #1- No reason to take a closer look, all the smart people already know that the RBA is the center of the Universe.

  3. New Yorker Says:

    Yo! NYC is #1. You guys all suck! $1100/sf is the going rate for NYC apt needing TLC.

  4. New Yorker Says:

    Moderation? WTF is this shit?

  5. sfbubblebuyer Says:

    Yes, New York is not known for its… moderation…

  6. SiO2 Says:

    The SJ MSA as defined by the fed govt includes San Benito County. The SF MSA beloved by Case-Shiller index fans doesn’t include Santa Clara County, so excludes PA, Los Gatos, etc.

  7. Violet Jessy Says:

    As am planning to invest in property it’s really a great information for me. Thank a lot for the fantastic post.

    You know what’s a really great information for me? A commenter who am planning to invest in property responding to a list of unaffordable cities in the United States. From India. Thanks for the fantastic post. (URL impounded by overeager Customs agents searching for contraband copyright violations and agricultural products; so sorry.) –ed.


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