Mortgage affordability in the largest metros in the U.S. 2022

In many metros in the United States, the median household income was insufficient to qualify for the median-priced home. Among the 50 largest metros in the U.S., San Jose-Sunnyvale-Santa Clara, CA was the least affordable one in 2022, with the housing affordability index at 41.5 index points. This means that the median household income, when accounting for monthly housing expenses, was less than 42 percent of the necessary income to qualify for a mortgage. An index value over 100, on the other hand, shows that the median income is sufficient for a mortgage. Metros, such as Cleveland-Elyria, OH, and St. Louis, MO-IL had a median household income much higher than the income needed to buy the median-priced home.