There are many cities in the U.S. that can feel impossible to move to. This can be due to issues such as high prices for homes and the location. Here are 17 U.S. cities where buying a home feels impossible.
Chicago, Illinois
Money Inc tells us, “In Chicago, real estate prices have been stagnant for the past decade, and this trend is unlikely to change in the foreseeable future.” The city also has high property taxes, a negative job growth rate, and a slow population increase. High crime rates can also impact the quality of life.
Boston, Massachusetts
Boston has a high median home price and a low rental yield. The average price for a home in Boston is $690,000, which is at an all-time high. Homes also sell quickly in Boston; it usually only takes 42 days for a sale to be completed. It shows just how competitive and expensive the housing market is.
Los Angeles, California
Compared to the average family income, housing costs are significantly high in Los Angeles. It reflects just how big the gap is between home prices and median incomes in the city. Los Angeles also has a modest population, and this can affect things that come with moving cities, such as finding a job.
St. Louis, Missouri
There’s low population growth in St. Louis, which can affect purchasing a house because fewer are being built. There don’t seem to be any signs of reversal with the population, which means buying a home can become nearly impossible. There are also high crime rates in St. Louis, which can be a turn-off.
Honolulu, Hawaii
Honolulu has been facing economic struggles thanks to a decline in tourism. These struggles have had an impact on the housing market, which already has incredibly high prices due to its location. While it’s seen as a desirable retirement location, it can be financially challenging for first-time buyers.
San Jose, California
Purchasing a property in San Jose can be significantly difficult. For example, HomeOwner Experience writes that the San Jose housing market is unique and hard to navigate. It’s also fast-paced and competitive, which can overwhelm buyers. There is a severe housing shortage and a high cost of living.
Dublin, California
Home values are higher than average in Dublin and this makes it challenging to find affordable properties. Dublin has also been classified as a seller’s market, which means more people are looking to purchase a home than buy one. Increased competition can make it significantly harder to purchase a property in Dublin.
San Francisco, California
There is a high cost of living crisis in San Francisco, and this has meant property prices have increased drastically. A large down payment of 25% is also required to purchase a home in San Francisco. This can be unaffordable for many people or mean they have to save for longer.
Fremont, California
Fremont is close to Silicon Valley, and this has caused house prices to increase. Median home prices are particularly high, and this has affected the affordability of homes in the area. The city has even been named the most difficult place for Gen Z to purchase a home.
Kirkland, Washington
Kirkland has a high cost of living thanks to it being a growing tech hub. There are also many steps involved in purchasing a house in Kirkland, which can make it extremely difficult for a first-time buyer. You also need to earn at least $101,000 before you can be considered for a mortgage.
San Mateo, California
San Mateo is in close proximity to San Francisco as it’s located in the Bay area. This has had a huge influence on real estate prices in the city. It’s also a suburban environment, which causes higher living standards and above-average everyday costs.
Redmond, Washington
Even though Redmond has experienced a drop in real estate prices, they’re still considered high. This is backed by Yahoo! Finance, which writes, “Homes here saw a slightly smaller decline of 11.60% since 2022. They now average $1.22 million after a $160,000 drop.”
New York, New York
New York City is famous for its incredibly high real estate prices. The property market is competitive and this, paired with the high cost of living, makes purchasing a home in the city feel impossible. It’s an ongoing challenge for middle and lower-income buyers.
Miami, Florida
Miami has seen a rapid increase in home prices, and this has been driven by high demand and a limited supply of properties. The city attracts both domestic and international buyers, which only makes buying a property here harder. There are also challenges with the rising living costs, which have significantly affected residents.
Seattle, Washington
Seattle has seen a decrease in property values, but the average price of a home still remains high. This can be attributed to the city having a strong tech sector, which drives up housing demand and costs. The city is constantly growing, which increases the desire to live there.
Denver, Colorado
Denver has seen a significant increase in real estate prices, which has made it feel impossible to purchase a home. This is largely due to a growth in population, so the need for a home has increased. Along with this, rising costs of living have made it difficult for first-time buyers to purchase a property.
Austin, Texas
A rapid growth in population has made it difficult to purchase a home in Austin. For example, Better Homes & Gardens writes, “It is currently a seller’s market, which implies that buyer demand exceeds the existing supply of properties for sale.” The rise in residents has not only turned the city into a seller’s market but has also had an impact on affordability.
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