Reported 7 months ago
The annual Demographia International Housing Affordability Report has identified California as the state with the highest number of unaffordable cities in the U.S., including San Jose, Los Angeles, San Francisco, and San Diego. The report attributes the high home prices to the escalating land costs and the imbalance between demand and supply. The affordability ratio is calculated by dividing the median home price by the gross median household income, leading to a list of 'impossibly unaffordable' cities. The housing market's challenges are further compounded by surging housing costs and the concerns over inflation.
Source: YAHOO