The cost to own and maintain a home has increased exponentially over the past decade, and the median income has not been able to keep up.
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Across the U.S., the average cost of housing has increased by 48% and the average median single-family home price has increased by 99%, while the annual median income has increased by just 37%, according to a recent Zoocasa study. The numbers are even more drastic in several major U.S. cities: In 12 out of 17 major metropolitan areas, housing expenditures have grown faster than incomes.
Here’s a look at how much housing costs have outpaced income increases in 17 major cities across the U.S.
Atlanta
- Median single-family home price (2023): $366,900
- 10-year change: 157.7%
- Average annual expenditures for housing (2023): $27,298
- 10-year change: 60.8%
- Annual median income (2023): $48,370
- 10-year change: 35.5%
- Disparity in home price vs. income increases: 122.2%
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Baltimore
- Median single-family home price (2023): $383,900
- 10-year change: 58.8%
- Average annual expenditures for housing (2023): $28,273
- 10-year change: 40.2%
- Annual median income (2023): $54,140
- 10-year change: 34.1%
- Disparity in home price vs. income increases: 24.7%
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Boston
- Median single-family home price (2023): $704,700
- 10-year % change: 89.8%
- Average annual expenditures for housing (2023): $31,679
- 10-year % change: 43.7%
- Annual median income (2023): $63,060
- 10-year % change: 37.4%
- Disparity in home price vs. income increases: 52.4%
Chicago
- Median single-family home price (2023): $343,300
- 10-year change: 83.5%
- Average annual expenditures for housing (2023): $27,342
- 10-year change: 33.2%
- Annual median income (2023): $49,790
- 10-year change: 34.5%
- Disparity in home price vs. income increases: 49.0%
Dallas
- Median single-family home price (2023): $376,200
- 10-year change: 116.3%
- Average annual expenditures for housing (2023): $27,214
- 10-year change: 33.4%
- Annual median income (2023): $48,440
- 10-year change: 37.8%
- Disparity in home price vs. income increases: 78.5%
Detroit
- Median single-family home price (2023): $241,500
- 10-year change: 85.8%
- Average annual expenditures for housing (2023): $23,098
- 10-year change: 43.2%
- Annual median income (2023): $48,950
- 10-year change: 32.3%
- Disparity in home price vs. income increases: 53.5%
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Houston
- Median single-family home price (2023): $336,600
- 10-year change: 84.6%
- Average annual expenditures for housing (2023): $26,352
- 10-year change: 18.9%
- Annual median income (2023): $46,960
- 10-year change: 30.3%
- Disparity in home price vs. income increases: 54.3%
Los Angeles
- Median single-family home price (2023): $884,400
- 10-year change: 108.9%
- Average annual expenditures for housing (2023): $31,478
- 10-year change: 46.4%
- Annual median income (2023): $50,490
- 10-year change: 32.6%
- Disparity in home price vs. income increases: 76.3%
Miami
- Median single-family home price (2023): $600,000
- 10-year change: 130.7%
- Average annual expenditures for housing (2023): $26,661
- 10-year change: 64.5%
- Annual median income (2023): $46,510
- 10-year change: 48.8%
- Disparity in home price vs. income increases: 81.9%
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Minneapolis
- Median single-family home price (2023): $374,000
- 10-year change: 89.8%
- Average annual expenditures for housing (2023): $28,829
- 10-year change: 35.3%
- Annual median income (2023): $54,850
- 10-year change: 36.0%
- Disparity in home price vs. income increases: 53.8%
New York
- Median single-family home price (2023): $659,300
- 10-year change: 70.7%
- Average annual expenditures for housing (2023): $33,626
- 10-year change: 39.0%
- Annual median income (2023): $59,390
- 10-year change: 37.3%
- Disparity in home price vs. income increases: 33.4%
Philadelphia
- Median single-family home price (2023): $353,500
- 10-year change: 65.0%
- Average annual expenditures for housing (2023): $28,751
- 10-year change: 45.6%
- Annual median income (2023): $50,160
- 10-year change: 28.0%
- Disparity in home price vs. income increases: 37.0%
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Phoenix
- Median single-family home price (2023): $466,500
- 10-year change: 142.1%
- Average annual expenditures for housing (2023): $29,428
- 10-year change: 67.7%
- Annual median income (2023): $48,600
- 10-year change: 38.1%
- Disparity in home price vs. income increases: 104%
San Diego
- Median single-family home price (2023): $931,600
- 10-year change: 95.4%
- Average annual expenditures for housing (2023): $34,554
- 10-year change: 45.3%
- Annual median income (2023): $53,090
- 10-year change: 36.8%
- Disparity in home price vs. income increases: 58.6%
San Francisco
- Median single-family home price (2023): $1,251,000
- 10-year change: 85.4%
- Average annual expenditures for housing (2023): $42,109
- 10-year change: 64.1%
- Annual median income (2023): $72,050
- 10-year change: 47.9%
- Disparity in home price vs. income increases: 37.5%
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Seattle
- Median single-family home price (2023): $732,200
- 10-year change: 112.6%
- Average annual expenditures for housing (2023): $35,070
- 10-year change: 54.3%
- Annual median income (2023): $65,260
- 10-year change: 39.9%
- Disparity in home price vs. income increases: 72.7%
Washington
- Median single-family home price (2023): $591,700
- 10-year change: 60.8%
- Average annual expenditures for housing (2023): $34,498
- 10-year change: 19.4%
- Annual median income (2023): $65,110
- 10-year change: 27.7%
- Disparity in home price vs. income increases: 33.1%
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This article originally appeared on GOBankingRates.com: How Much Housing Costs Have Outpaced Income in 17 Major Cities Over the Past Decade
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