Portland among 10 least affordable cities for home buyers
Portland Oregon joins the list of top 10 cities in the US with less than 50% of the population who qualify for home ownership. Home prices have gone through the roof, but incomes have not kept up.
Jonathan Smoke, chief economist of realtor.com says that the forecasts point to our home prices continuing to escalate over the coming years and cautions that those who have visions of home ownership in the near future need to get moving in that direction as quickly as possible. The two most significant steps that potential buyers can take to qualify for a home purchase are save for at least a minimal down payment, and pay down credit card debt.
Following are the top ten metro areas in the list where the majority of the population CANNOT afford home ownership based on median home prices and median income. #1 is the least affordable city. Note that 7 of the top 10 cities are on the west coast.
Portland at #7, just recently attained this dubious distinction due in part to droves of people from all over the country relocating here. This has made competition for our very low inventory of homes for sale much more competitive, resulting in rapidly escalating prices and valuations. Appraisers are already forecasting approximately 8.3% increase in property values for 2015.
- San Diego, CA
- Los Angeles, CA
- San Francisco, CA
- San Jose, CA
- New York City, NY
- Boston, MA
- Portland, OR
- Sacramento, CA
- Seattle, WA
- Miami, FL