The US is facing an affordable housing crisis as home prices continue to rise and wages stagnate. The home price-to-income ratio, which measures the relationship between median home prices and household income, reveals that Hawaii and California have the most unaffordable homes.
A map shows the home price-to-income ratio for each US state, with Hawaii (9.1) and California (8.4) leading the pack. Despite having high median incomes, these states have extremely high median home prices.
California’s cities, including Los Angeles, San Jose, Long Beach, and San Diego, top the list of US cities with the highest home price-to-income ratios. The state’s strict zoning laws, geographic constraints, and robust economy are contributing factors to its high home prices.
The situation is particularly dire in Hawaii, where median house prices reach $852,000. Limited land availability and strict housing regulations exacerbate the issue.
To better understand housing affordability, visit the Voronoi app for more data-driven insights.
Source: https://www.visualcapitalist.com/mapped-home-price-to-income-ratio-by-state