3 FL Counties Among 26 Newly Unaffordable U.S. Areas: MoneyGeek

Sarasota FL

18 April, 2022

5:10 PM

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FLORIDA — Three Florida counties — Collier, Sarasota and St. John's — made a list of 26 places in the U.S. where homeownership has become unaffordable compiled by MoneyGeek. The website analyzed changes in homeownership costs, home price appreciation and median incomes from 2019 to 2022 to reveal 26 counties in the U.S. where the housing market is no longer affordable. Only counties with populations larger than 250,000 and a population growth above the national average were considered. "In recent years, the increasing cost of real estate has made it difficult for many locals to afford homes in their communities," MoneyGeek wrote in its analysis of its findings. Collier County and the Naples-Immokalee-Marco Island metro area came in No. 2 on the list with a median income of $32,033, a median home price of $435,313 and monthly home ownership cost of $2,265. On average, home costs account for 85 percent of the average income. St. Johns County and the Jacksonville area takes No. 11 on the list with a median income of $40,897, a median home price of $392,732 and a monthly home ownership cost of $2,131. In this area, home costs account for 63 percent of the average income. Meanwhile, Sarasota County and the North Port-Sarasota-Bradenton metro area are No. 18 on the list. Here, the median home price is $31,933, the median home price is $325,911 and a monthly home ownership cost of $1,737. On average, homes costs account for 65 percent of the average income. Ada County, Idaho and the Boise City metro area is No. 1 on the list. "With housing appreciating 59 (percent) in Boise and 70 (percent) in Naples since 2019, these places have become significantly more expensive, despite their populations growing faster than the national average," MoneyGeek found. Outlying counties of high-growth metros have become unaffordable. Austin and Round Rock, Texas's counties rank third and fourth on our list. Douglas County outside of Denver, Colorado, also ranks high, with a house price appreciation of 43 percent since 2019. Following Denver, Snohomish County outside of Seattle, Washington, tops the list for highest median home prices at $555,495. Of the 26 areas with the most recently unaffordable homes, 26 are in the western United States.