Housing Market 2023: 30 Cities Where the Cost of Housing Has Eclipsed the Average Salary

If you’re thinking about buying a home, you’re likely wondering, “How much house can I afford?” Of course, you can buy a lot more house for your money in some places. But if you live in one of the most expensive cities, you might not even be able to afford a home.

To determine the cities where housing costs exceed average salaries, GOBankingRates compiled data from various sources. This included the most populous cities from the US Census American Consumer Survey, Median home values from Zillow Research Data, 30-year Fixed Rate Mortgage Average from Federal Reserve Economic Data, property taxes from the Tax Foundation, and median household income from the US Census American Consumer Survey.

By calculating mortgage costs and property taxes, as well as factoring in net household income after taxes, the list reveals cities with the largest disparities between income and housing expenses. Click through to see just how wide that gap can be.

• Median Home Value: $1,052,588
• Median Household Income: $61,957
• Annual mortgage + property tax: $73,166

• Median Home Value: $1,060,409
• Median Household Income: $61,862
• Annual mortgage + property tax: $73,909

• Median Home Value: $3,338,969
• Median Household Income: $194,782
• Annual mortgage + property tax: $232,093

• Median Home Value: $2,948,721
• Median Household Income: $169,586
• Annual mortgage + property tax: $204,967

• Median Home Value: $2,692,359
• Median Household Income: $150,182
• Annual mortgage + property tax: $187,147

• Median Home Value: $2,112,357
• Median Household Income: $122,356
• Annual mortgage + property tax: $156,336

• Median Home Value: $268,845
• Median Household Income: $14,500
• Annual mortgage + property tax: $18,688

• Median Home Value: $460,958
• Median Household Income: $24,756
• Annual mortgage + property tax: $32,272

• Median Home Value: $1,604,162
• Median Household Income: $96,250
• Annual mortgage + property tax: $127,227

• Median Home Value: $1,548,601
• Median Household Income: $75,821
• Annual mortgage + property tax: $101,388

• Median Home Value: $2,245,120
• Median Household Income: $113,903
• Annual mortgage + property tax: $156,059

• Median Home Value: $1,548,940
• Median Household Income: $78,349
• Annual mortgage + property tax: $107,667

• Median Home Value: $1,791,291
• Median Household Income: $89,243
• Annual mortgage + property tax: $124,513

• Median Home Value: $1,006,977
• Median Household Income: $50,719
• Annual mortgage + property tax: $71,103

• Median Home Value: $2,153,748
• Median Household Income: $127,123
• Annual mortgage + property tax: $179,860

• Median Home Value: $1,609,391
• Median Household Income: $78,719
• Annual mortgage + property tax: $111,869

• Median Home Value: $2,875,549
• Median Household Income: $135,976
• Annual mortgage + property tax: $199,881

• Median Home Value: $3,780,196
• Median Household Income: $178,594
• Annual mortgage + property tax: $262,763

• Median Home Value: $3,622,420
• Median Household Income: $167,990
• Annual mortgage + property tax: $255,780

• Median Home Value: $2,590,241
• Median Household Income: $114,559
• Annual mortgage + property tax: $180,049

• Median Home Value: $2,372,523
• Median Household Income: $99,847
• Annual mortgage + property tax: $164,915

• Median Home Value: $3,410,049
• Median Household Income: $142,463
• Annual mortgage + property tax: $237,034

• Median Home Value: $2,669,793
• Median Household Income: $108,167
• Annual mortgage + property tax: $197,592

• Median Home Value: $1,362,677
• Median Household Income: $51,760
• Annual mortgage + property tax: $96,219

• Median Home Value: $1,058,050
• Median Household Income: $43,843
• Annual mortgage + property tax: $83,914

• Median Home Value: $2,304,535
• Median Household Income: $59,162
• Annual mortgage + property tax: $162,794

• Median Home Value: $3,221,383
• Median Household Income: $66,863
• Annual mortgage + property tax: $223,920

• Median Home Value: $5,428,842
• Median Household Income: $103,944
• Annual mortgage + property tax: $377,361

• Median Home Value: $1,490,068
• Median Household Income: $22,386
• Annual mortgage + property tax: $103,575

• Median Home Value: $7,899,482
• Median Household Income: $89,625
• Annual mortgage + property tax: $530,137