The impact of this decline is not uniform across the country. Metros like Milwaukee, Houston, and New York City have seen the most dramatic drops in affordability, with buying power falling by more than 9%. In New York City, only 13.1% of homes were affordable for a median-income household in July, down from 28.2% in 2019.
While a few cities like Cleveland, Ohio, have seen an increase in buying power due to stronger wage growth, the report notes that even in those markets, the share of affordable homes is still lower than it was in 2019. In Cleveland, buying power increased by 4.4%, but the share of affordable homes fell from 65.4% to 50%.
The dwindling affordability is reshaping buyer behavior, forcing many to consider smaller homes, look farther from urban centers, or delay homeownership entirely. To restore buying power, the report suggests a combination of lower mortgage rates, continued wage growth, and, most importantly, an increase in affordable housing supply.
50 largest metros data changes in buying power since 2019 (alphabetical)
|
Geography
|
Median
|
2019 Max
|
Share of
|
Median
|
2025 Max
|
Share of
|
Difference
|
Change
|
|---|---|---|---|---|---|---|---|---|
|
USA
|
$68,073
|
$325,000
|
55.7 %
|
$78,770
|
$298,000
|
28.0 %
|
-$27,000
|
-8.3 %
|
|
Atlanta-Sandy Springs-Roswell,
|
$71,742
|
$343,000
|
60.7 %
|
$87,947
|
$333,000
|
31.4 %
|
-$10,000
|
-2.9 %
|
|
Austin-Round Rock-San
|
$80,954
|
$387,000
|
57.7 %
|
$102,412
|
$388,000
|
31.5 %
|
$1,000
|
0.3 %
|
|
Baltimore-Columbia-Towson,
|
$83,160
|
$397,000
|
63.1 %
|
$95,068
|
$360,000
|
42.7 %
|
-$37,000
|
-9.3 %
|
|
Birmingham, AL
|
$58,366
|
$279,000
|
58.2 %
|
$71,644
|
$271,000
|
41.3 %
|
-$8,000
|
-2.9 %
|
|
Boston-Cambridge-Newton,
|
$94,430
|
$451,000
|
38.1 %
|
$109,295
|
$414,000
|
9.6 %
|
-$37,000
|
-8.2 %
|
|
Buffalo-Cheektowaga, NY
|
$60,105
|
$287,000
|
70.1 %
|
$71,055
|
$269,000
|
47.1 %
|
-$18,000
|
-6.3 %
|
|
Charlotte-Concord-Gastonia,
|
$66,399
|
$317,000
|
50.7 %
|
$81,514
|
$309,000
|
20.8 %
|
-$8,000
|
-2.5 %
|
|
Chicago-Naperville-Elgin, IL-IN
|
$75,379
|
$360,000
|
62.3 %
|
$86,627
|
$328,000
|
41.2 %
|
-$32,000
|
-8.9 %
|
|
Cincinnati, OH-KY-IN
|
$66,825
|
$319,000
|
68.9 %
|
$80,109
|
$303,000
|
43.1 %
|
-$16,000
|
-5.0 %
|
|
Cleveland, OH
|
52,178
|
$249,000
|
65.4 %
|
$68,695
|
$260,000
|
49.9 %
|
$11,000
|
4.4 %
|
|
Columbus, OH
|
$67,207
|
$321,000
|
64.6 %
|
$80,469
|
$305,000
|
34.8 %
|
-$16,000
|
-5.0 %
|
|
Dallas-Fort Worth-Arlington, TX
|
$72,265
|
$345,000
|
55.6 %
|
$88,783
|
$336,000
|
30.1 %
|
-$9,000
|
-2.6 %
|
|
Denver-Aurora-Centennial, CO
|
$85,641
|
$409,000
|
37.9 %
|
$106,833
|
$405,000
|
19.2 %
|
-$4,000
|
-1.0 %
|
|
Detroit-Warren-Dearborn, MI
|
$63,474
|
$303,000
|
63.5 %
|
$72,493
|
$275,000
|
48.8 %
|
-$28,000
|
-9.2 %
|
|
Grand Rapids-Wyoming-
|
$65,739
|
$314,000
|
63.5 %
|
$82,065
|
$311,000
|
31.9 %
|
-$3,000
|
-1.0 %
|
|
Hartford-West Hartford-East
|
$77,005
|
$368,000
|
68.6 %
|
$94,838
|
$359,000
|
36.8 %
|
-$9,000
|
-2.4 %
|
|
Houston-Pasadena-The
|
$69,193
|
$330,000
|
59.2 %
|
$78,845
|
$299,000
|
32.4 %
|
-$31,000
|
-9.4 %
|
|
Indianapolis-Carmel-
|
$62,502
|
$298,000
|
64.3 %
|
$79,724
|
$302,000
|
43.4 %
|
$4,000
|
1.3 %
|
|
Jacksonville, FL
|
$65,880
|
$315,000
|
58.4 %
|
$81,893
|
$310,000
|
32.1 %
|
-$5,000
|
-1.6 %
|
|
Kansas City, MO-KS
|
$70,215
|
$335,000
|
63.5 %
|
$80,127
|
$304,000
|
34.2 %
|
-$31,000
|
-9.3 %
|
|
Las Vegas-Henderson-North
|
$62,107
|
$297,000
|
43.8 %
|
$72,504
|
$275,000
|
12.8 %
|
-$22,000
|
-7.4 %
|
|
Los Angeles-Long Beach-
|
$77,774
|
$371,000
|
10.3 %
|
$91,380
|
$346,000
|
1.6 %
|
-$25,000
|
-6.7 %
|
|
Louisville/Jefferson County, KY-
|
$61,172
|
$292,000
|
64.7 %
|
$72,566
|
$275,000
|
40.9 %
|
-$17,000
|
-5.8 %
|
|
Memphis, TN-MS-AR
|
$54,859
|
$262,000
|
61.4 %
|
$66,946
|
$254,000
|
35.3 %
|
-$8,000
|
-3.1 %
|
|
Miami-Fort Lauderdale-West
|
$60,141
|
$287,000
|
36.9 %
|
$74,274
|
$281,000
|
23.4 %
|
-$6,000
|
-2.1 %
|
|
Milwaukee-Waukesha, WI
|
$65,845
|
$314,000
|
58.2 %
|
$74,222
|
$281,000
|
28.3 %
|
-$33,000
|
-10.5 %
|
|
Minneapolis-St. Paul-
|
$83,698
|
$400,000
|
67.3 %
|
$96,855
|
$367,000
|
37.0 %
|
-$33,000
|
-8.3 %
|
|
Nashville-Davidson–
|
$70,262
|
$335,000
|
46.4 %
|
$85,166
|
$323,000
|
11.8 %
|
-$12,000
|
-3.6 %
|
|
New York-Newark-Jersey City,
|
$83,160
|
$397,000
|
28.2 %
|
$94,960
|
$360,000
|
13.1 %
|
-$37,000
|
-9.3 %
|
|
Oklahoma City, OK
|
$60,605
|
$289,000
|
62.9 %
|
$71,503
|
$271,000
|
40.5 %
|
-$18,000
|
-6.2 %
|
|
Orlando-Kissimmee-Sanford,
|
$61,876
|
$295,000
|
51.3 %
|
$74,895
|
$284,000
|
18.2 %
|
-$11,000
|
-3.7 %
|
|
Philadelphia-Camden-
|
$74,533
|
$356,000
|
65.0 %
|
$88,483
|
$335,000
|
38.7 %
|
-$21,000
|
-5.9 %
|
|
Phoenix-Mesa-Chandler, AZ
|
$67,896
|
$324,000
|
50.0 %
|
$87,718
|
$332,000
|
13.7 %
|
$8,000
|
2.5 %
|
|
Pittsburgh, PA
|
$62,638
|
$299,000
|
71.6 %
|
$72,935
|
$276,000
|
54.6 %
|
-$23,000
|
-7.7 %
|
|
Portland-Vancouver-Hillsboro,
|
$78,439
|
$375,000
|
30.1 %
|
$94,748
|
$359,000
|
11.4 %
|
-$16,000
|
-4.3 %
|
|
Providence-Warwick, RI-MA
|
$70,967
|
$339,000
|
49.5 %
|
$85,421
|
$324,000
|
8.4 %
|
-$15,000
|
-4.4 %
|
|
Raleigh-Cary, NC
|
$80,096
|
$382,000
|
60.3 %
|
$98,138
|
$372,000
|
29.7 %
|
-$10,000
|
-2.6 %
|
|
Richmond, VA
|
$68,324
|
$326,000
|
56.8 %
|
$87,394
|
$331,000
|
24.8 %
|
$5,000
|
1.5 %
|
|
Riverside-San Bernardino-
|
$70,954
|
$339,000
|
36.1 %
|
$86,146
|
$326,000
|
8.5 %
|
-$13,000
|
-3.8 %
|
|
Sacramento-Roseville-Folsom,
|
$76,706
|
$366,000
|
29.6 %
|
$93,641
|
$355,000
|
8.0 %
|
-$11,000
|
-3.0 %
|
|
San Antonio-New Braunfels, TX
|
$62,355
|
$298,000
|
58.5 %
|
$73,281
|
$278,000
|
34.2 %
|
-$20,000
|
-6.7 %
|
|
San Diego-Chula Vista-
|
$83,985
|
$401,000
|
14.0 %
|
$103,066
|
$390,000
|
3.2 %
|
-$11,000
|
-2.7 %
|
|
San Francisco-Oakland-
|
$114,696
|
$548,000
|
18.4 %
|
$133,542
|
$506,000
|
11.9 %
|
-$42,000
|
-7.7 %
|
|
San Jose-Sunnyvale-Santa
|
$130,865
|
$625,000
|
9.9 %
|
$156,664
|
$593,000
|
6.3 %
|
-$32,000
|
-5.1 %
|
|
Seattle-Tacoma-Bellevue, WA
|
$94,027
|
$449,000
|
33.6 %
|
$113,456
|
$430,000
|
11.0 %
|
-$19,000
|
-4.2 %
|
|
St. Louis, MO-IL
|
$66,417
|
$317,000
|
72.9 %
|
$79,869
|
$303,000
|
52.2 %
|
-$14,000
|
-4.4 %
|
|
Tampa-St. Petersburg-
|
$57,906
|
$276,000
|
54.0 %
|
$73,079
|
$277,000
|
21.6 %
|
$1,000
|
0.4 %
|
|
Tucson, AZ
|
$56,169
|
$268,000
|
53.7 %
|
$67,909
|
$257,000
|
11.7 %
|
-$11,000
|
-4.1 %
|
|
Virginia Beach-Chesapeake-
|
$69,329
|
$331,000
|
60.7 %
|
$80,312
|
$304,000
|
26.0 %
|
-$27,000
|
-8.2 %
|
|
Washington-Arlington-
|
$105,659
|
$504,000
|
58.7 %
|
$123,209
|
$467,000
|
31.8 %
|
-$37,000
|
-7.3 %
|
Source: Realtor.com
What are your thoughts on the recent data? Share your insights in the comments below.