The 10 most expensive places to live in America:
- Brooklyn, N.Y.: 121.70% (the percentage of average wages needed to buy the median home in the area)
- Marin County, Calif.: 118.10%
- Santa Cruz, Calif.: 113.50%
- San Francisco, Calif.: 94.60%
- Maui, Hawaii: 92.80%
- San Luis Obispo, Calif.: 90.40%
- Napa, Calif.: 86.90%
- Monterey, Calif.: 84.50%
- Queens, N.Y.: 83.60%
- Sonoma, Calif.: 82.10%
According to new data released by RealtyTrac, about one in five housing markets are currently deemed unaffordable. In those locales, buying a median-priced home is less affordable than the historically normal level for that county. In a handful of counties, prices are so high that residents’ must use most of their paychecks to afford household expenses.
To come up with their ranking, RealtyTrac took a look at sales data from 417 U.S. counties and used wage information from the Bureau of Labor Statistics.
Source: “The Most Unaffordable Place to Live in America Is …” MarketWatch (June 23, 2016)