LOS ANGELES - Prospective homebuyers apparently have a bleak road ahead as new data shows that buying a home requires a large slice of income in 2023 as it has become the most unaffordable housing market since 1984.
In just the last few weeks alone, U.S. home prices faced their sharpest rise since November despite lackluster demand.
A for sale sign in front of a home in Arlington, Virginia, on August 22, 2023. (Photo by ANDREW CABALLERO-REYNOLDS/AFP via Getty Images)
With that being said, are there any cities out there where prospective homebuyers are flocking to more than others?
This is the first time this has happened in the list's history, Realtor.com said.
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Ohio’s 43230 ZIP code, for Gahanna in the Columbus metro area, was this year’s hottest ZIP code.
Gahanna, along with the other 9 hottest ZIP codes (none of which were in California), are attracting homebuyers due to homes priced at or below the U.S. median, and are also larger than the U.S. average, the data found.
Additionally, homes listed within the hottest ZIPs received an average of 3.6 more views per listing than in the rest of the country, and sold one month faster than average in 2023.
Close-up of sign reading Welcome to Livermore, a Preserve America Community, on First Street in downtown Livermore, California, October 3, 2018. (Photo by Smith Collection/Gado/Getty Images)
According to Realtor.com, no California ZIP code has made it on the top 10 since 2019.
This year, Bakersfield in the Central Valley and Livermore in the Bay Area ranked among the top 50.
Bakersfield’s 93309 ZIP code ranked No. 24. It had a median list price of $340,000 in June 2023.
Livermore’s 94550 ZIP code ranked at No. 44 on the list. With a median list price of $1.4 million, the area isn’t exactly affordable, but homes garnered more than double the attention per property and spent less time on the market compared with the greater San Francisco metro area.
The official downtown entrance sign adjacent to the Buck Owens' Crystal Palace is viewed on April 4, 2017, in Bakersfield, California. (Photo by George Rose/Getty Images)
The rankings were determined based on market demand as measured by unique viewers per property on Realtor.com, and the pace of the market as measured by how fast the homes sold. The rankings are based on listing data from January to June 2023.
To see the full study, tap or click here.