LA, San Francisco, Oakland Prime Cities With Highest Property Costs – Revenue Charges – Oakland Information Now

Cities with the highest price-income ratio

This report, submitted to ZENNIE62MEDIA, INC. aired for Oakland News Now shows Oakland is the third largest city in the country for home price / income ratio at 11.6. The fact that San Francisco is in second place and Los Angeles in first place is an indication of California’s position as the most expensive state in America. And it explains our huge homeless problem. What follows is the report.

One of the most important economic stories of the past few months has been rising inflation concerns. While year-on-year wage growth in the US has peaked in decades this year, the benefits of rising wages for most households have been limited by rising prices in many consumer categories. The US Bureau of Labor Statistics has reported price increases of more than 5–6%, well above the usual levels. The most recent increases in the CPI have been mainly driven by higher energy, transportation, food and housing costs.

The latter category tends to put a lot of pressure on household incomes. Housing is the largest recurring expense for most households. So if wages do not keep pace with house prices, housing costs can become even more expensive in real dollars. And home prices have skyrocketed in the past year and a half, with the cost of homes sold in the US increasing more than 18% in the last year.

While recent economic conditions have caused greater concern, the gap between income growth rates and home prices is not a new phenomenon. The median income growth rate has lagged that of home prices for at least the past two decades. From 2000 to 2020, the median income in the US rose 61% from $ 41,990 to $ 67,521, while the median home price nearly doubled – an increase of 96% – from $ 127,569 to $ 249,497, according to the US Census Bureau and von Zillow .

The gap between wage growth and home price increases is most felt in areas where home prices are rising fastest. States in the west have seen the fastest increases in housing costs in recent years, led by Idaho, where the average home price has risen 110% over the past five years. Other fast-growing western states such as Utah, Arizona, Washington, and Nevada also saw home prices rise rapidly during this period.

LA, San Francisco, Oakland Top Cities With Highest Home Prices - Income Ratio 2

Many of these western states are now among the national frontrunners when it comes to the price-income ratio of homeowners. The ratio of the median house price to the median income is an indicator of the affordability of housing. Nationally, that ratio is 4.7, but the top 10 states – nine of which are in the West – currently have rates of 6.3 or more. The top states are Hawaii (9.4) and California (8.9), two of the states with the highest real estate prices and longstanding problems with affordable housing. And on a local level, some California subways have even stronger ratios, with the five most expensive major subways in the US all located in the Golden State.

LA, San Francisco, Oakland Top Cities With Highest Home Prices - Income Ratio 3

Household income and expenditure data are from the US Census Bureau and medians for homes are from Zillow. To identify cities with the highest and lowest home price / income ratios, Construction Coverage researchers divided the Zillow Home Value Index by the median household income in each location. The researchers also calculated the five-year change in home prices.

Here are the major US cities with the highest home price-income ratios.

city rank Price to Income Ratio of Home Ownership Median home price Median household income 5 year change in average home price Mortgage creditors spend> 30% of their income on housing
Los Angeles, California 1 13.6 $ 913,754 $ 67,418 + 49.1% 44.4%
San Francisco, California 2 12.3 $ 1,522,827 $ 123,859 + 28.2% 37.2%
Oakland, California. 3 11.6 $ 952,381 $ 82,018 + 51.7% 38.3%
San Jose, CA 4th 11.2 $ 1,303,422 $ 115,893 + 52.1% 31.9%
Long Beach, California 5 11.2 $ 761.094 $ 67,804 + 48.6% 40.4%
New York, NY 6th 10.5 $ 728,404 $ 69,407 + 21.4% 41.2%
Anaheim, California 7th 10.5 $ 796,098 $ 76,075 + 44.6% 39.5%
Miami, Florida 8th 10.1 $ 435,121 $ 42,966 + 29.2% 47.1%
San Diego, California 9 10.1 $ 864,662 $ 85,507 + 59.2% 35.7%
Boston, MA 10 8.8 $ 697,690 $ 79,018 + 26.9% 29.6%
Seattle, WA 11th 8.5 $ 875,450 $ 102,486 + 45.6% 25.9%
Austin, TX 12th 8.0 $ 601,313 $ 75,413 + 77.8% 27.9%
Washington, DC 13th 7.6 $ 698,414 $ 92,266 + 22.8% 25.2%
Denver, CO 14th 7.5 $ 568,178 $ 75,646 + 47.3% 29.0%
Portland, OR fifteen 7.3 $ 558,685 $ 76,231 + 32.0% 29.7%
United States 4.7 $ 308,220 $ 65,712 + 47.3% 26.5%

For more information, detailed methodology and full results, see the original report on Construction Coverage’s website: https://constructioncoverage.com/research/cities-with-highest-home-price-to-income-ratios-2021

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