Wednesday, November 22, 2006

Top 10 Least Affordable Markets in 2006, 3rd Quarter

We're still reading the latest from those pesky real estate bloggers:

The National Association of Home Builders has their new affordability survey out and the results are very scary for average earners in these regions. [All are in California except for the NY_NJ Metro-market at no. 10] To understand the severity of the situation, only 1.8 percent of the new housing inventory could be afforded by the average earner in L.A. Watch the middle class flee these cities as they gentrify to the extreme.

1. Los Angeles-Long Beach-Glendale, CA 1.8 percent of homes built that are affordable to average buyer
2. Salinas, CA 2.6 percent
3. Santa Ana-Anaheim-Irvine, CA 3.8 percent
4. Modesto, CA 4.1 percent
5. Merced, CA 4.3 percent
6. Stockton, CA 4.8 percent
7. Madera, CA 4.8 percent
8. San Diego-Carlsbad-San Marcos, CA 4.9 percent
9. Napa, CA 4.9 percent
10. New York-White Plains-Wayne, NY-NJ 5.1 percent

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