You won't be able to afford a home in these cities in the next decade, report says
LOS ANGELES - It's no secret that the housing market can be tough, especially in big metros like right here in Los Angeles, as well as San Francisco and New York.
According to a new study by GOBankingRates, more major U.S. cities are on track to lose their label of affordability.
GOBankingRates took the overall U.S. median home value and projected its growth over 10 years using Zillow's September 2022-23 one-year forecast. This projection was then compared to the projections of 537 U.S. cities that currently have home prices below the national median of $325,677, with those surpassing the national median in the next 10 years (plus its projected growth rate over the same period) being deemed "not affordable."
Here are some of the cities on the list:
Roseburg, Oregon
- January 2022 home value: $321,807
- One-year projected growth rate: 20.4%
When It Will Become Too Expensive
- Year: 2023
- Projected home value: $387,456
- U.S. median projected home value: $382,019
- Difference in value: $5,437
Auburn, Alabama
- January 2022 home value: $321,643
- One-year projected growth rate: 19.4%
When It Will Become Too Expensive
- Year: 2023
- Projected home value: $384,042
- U.S. median projected home value: $382,019
- Difference in value: $2,023
Fayetteville, Arkansas
- January 2022 home value: $307,909
- One-year projected growth rate: 23.1%
When It Will Become Too Expensive
- Year: 2024
- Projected home value: $466,593
- U.S. median projected home value: $448,108
- Difference in value: $18,485
Knoxville, Tennessee
- January 2022 home value: $299,342
- One-year projected growth rate: 23.1%
When It Will Become Too Expensive
- Year: 2024
- Projected home value: $453,611
- U.S. median projected home value: $448,108
- Difference in value: $5,503
Dallas
- January 2022 home value: $308,661
- One-year projected growth rate: 22.4%
When It Will Become Too Expensive
- Year: 2024
- Projected home value: $462,429
- U.S. median projected home value: $448,108
- Difference in value: $14,321
Tucson, Arizona
- January 2022 home value: $307,232
- One-year projected growth rate: 21.5%
When It Will Become Too Expensive
- Year: 2024
- Projected home value: $453,544
- U.S. median projected home value: $448,108
- Difference in value: $5,436
Pueblo, Colorado
- January 2022 home value: $291,995
- One-year projected growth rate: 22.6%
When It Will Become Too Expensive
- Year: 2025
- Projected home value: $538,080
- U.S. median projected home value: $525,631
- Difference in value: $12,449
Fort Worth, Texas
- January 2022 home value: $292,963
- One-year projected growth rate: 22.4%
When It Will Become Too Expensive
- Year: 2025
- Projected home value: $537,226
- U.S. median projected home value: $525,631
- Difference in value: $11,595
Lakeland, Florida
- January 2022 home value: $263,818
- One-year projected growth rate: 25.6%
When It Will Become Too Expensive
- Year: 2026
- Projected home value: $656,543
- U.S. median projected home value: $616,565
- Difference in value: $39,978
Daytona Beach, Florida
- January 2022 home value: $258,118
- One-year projected growth rate: 25.5%
When It Will Become Too Expensive
- Year: 2026
- Projected home value: $640,314
- U.S. median projected home value: $616,565
- Difference in value: $23,749
To see the full list, tap or click here.