Cities Where Housing is Most and Least Affordable for Residents – 2025 Study

With this in mind, SmartAsset weighted median housing costs for renters and homeowners and compared it to the median household income in each of 50 of America’s largest cities to determine where housing is most and least affordable for residents.

To gauge housing affordability at an individual level, many financial advisors use the rule of thumb that payments shouldn’t exceed 28% of your gross income. Fitting in with this guidance, housing payments accounted for an estimated 20.98% of the median household income across the United States in 2024, according to the newest Census Bureau data. But in 47 of 50 of the largest cities, housing is more expensive for locals, and in many cases exceeds the 28% guideline. Ultimately, the cost to renters and homeowners alike may be impacted by changes in property taxes, utilities, homeowners insurance, mortgage rates, local legislation, HOAs and more.

Key Findings

• For Miami residents, more than 36% of gross income goes to housing costs. Miami is the most expensive city for housing studywide, with homeowners paying a median of $2,025 in monthly costs and renters paying $1,975, compared to a median household income of $66,337. Costs for homeowners actually decreased year over year, but rent increases overshadowed this since two thirds of households in Miami rent.
• Housing is most affordable in El Paso, TX. Just 20.35% of household income goes to housing costs in El Paso, where the average monthly cost across both renters and homeowners is $1,016. Renters pay a median $985 per month compared to homeowners at $1,066, with a $59,932 median income across all households. Residents in Louisville, KY (20.38%); Albuquerque, NM (20.38%); Mesa, AZ (20.54%); and Indianapolis, IN (21.82%) also pay some of the lowest portions of their incomes to housing.
• The median housing payment in the Bay Area is around $2,800. Despite having the highest housing payments, high local incomes placed San Jose and San Francisco among the top 20 most affordable cities for housing. In San Jose, 55.5% of households are homeowners – despite an ongoing cost advantage for renters – versus just 36.7% of households in San Francisco.
• Raleigh, NC residents see the biggest climb in housing costs relative to income. Residents saw the highest relative increase in housing costs, with housing accounting for 23.83% of the median household income in 2024, versus 21.58% a year prior. Most recently, the 50.4% of households renting paid a median $1,661 per month, compared to $1,718 per month for homeowners. Meanwhile, the median household income came in at $85,060.

Housing Costs Relative to Income in U.S. Cities

Cities are ranked based on the weighted average housing costs across renters and homeowners as a percentage of the median household income.

1. Miami, Florida

• Housing to income ratio, 2024: 36.02%
• Weighted monthly housing payment: $1,991.35
• Monthly housing costs, homeowners: $2,025
• Monthly housing costs, renters: $1,975
• Percent homeowners: 32.7%
• Percent renters: 67.3%
• Median household income: $66,337
• Housing to income ratio, 2023: 33.78%

2. Los Angeles, California

• Housing to income ratio, 2024: 32.64%
• Weighted monthly housing payment: $2,237.30
• Monthly housing costs, homeowners: $2,736
• Monthly housing costs, renters: $1,958
• Percent homeowners: 35.9%
• Percent renters: 64.1%
• Median household income: $82,263
• Housing to income ratio, 2023: 32.51%

3. Long Beach, California

• Housing to income ratio, 2024: 28.72%
• Weighted monthly housing payment: $2,185.17
• Monthly housing costs, homeowners: $2,505
• Monthly housing costs, renters: $1,962
• Percent homeowners: 41.1%
• Percent renters: 58.9%
• Median household income: $91,318
• Housing to income ratio, 2023: 29.58%

4. New York, New York

• Housing to income ratio, 2024: 28.70%
• Weighted monthly housing payment: $1,942.45
• Monthly housing costs, homeowners: $2,213
• Monthly housing costs, renters: $1,811
• Percent homeowners: 32.7%
• Percent renters: 67.3%
• Median household income: $81,228
• Housing to income ratio, 2023: 28.79%

5. Oakland, California

• Housing to income ratio, 2024: 28.43%
• Weighted monthly housing payment: $2,421.76
• Monthly housing costs, homeowners: $2,957
• Monthly housing costs, renters: $2,008
• Percent homeowners: 43.6%
• Percent renters: 56.4%
• Median household income: $102,235
• Housing to income ratio, 2023: 28.54%

6. Boston, Massachusetts

• Housing to income ratio, 2024: 28.40%
• Weighted monthly housing payment: $2,314.47
• Monthly housing costs, homeowners: $2,526
• Monthly housing costs, renters: $2,196
• Percent homeowners: 35.9%
• Percent renters: 64.1%
• Median household income: $97,791
• Housing to income ratio, 2023: 27.31%

7. Detroit, Michigan

• Housing to income ratio, 2024: 27.10%
• Weighted monthly housing payment: $885.47
• Monthly housing costs, homeowners: $688
• Monthly housing costs, renters: $1,091
• Percent homeowners: 51.0%
• Percent renters: 49.0%
• Median household income: $39,209
• Housing to income ratio, 2023: 26.41%

8. Baltimore, Maryland

• Housing to income ratio, 2024: 27.04%
• Weighted monthly housing payment: $1,459.71
• Monthly housing costs, homeowners: $1,582
• Monthly housing costs, renters: $1,345
• Percent homeowners: 48.4%
• Percent renters: 51.6%
• Median household income: $64,778
• Housing to income ratio, 2023: 26.90%

9. Tampa, Florida

• Housing to income ratio, 2024: 26.91%
• Weighted monthly housing payment: $1,886.00
• Monthly housing costs, homeowners: $1,874
• Monthly housing costs, renters: $1,898
• Percent homeowners: 50.0%
• Percent renters: 50.0%
• Median household income: $84,114
• Housing to income ratio, 2023: 28.28%

10. San Diego, California

• Housing to income ratio, 2024: 26.84%
• Weighted monthly housing payment: $2,483.75
• Monthly housing costs, homeowners: $2,564
• Monthly housing costs, renters: $2,414
• Percent homeowners: 46.5%
• Percent renters: 53.5%
• Median household income: $111,032
• Housing to income ratio, 2023: 27.70%
• Housing to income ratio, 2024: 26.69%

11. Memphis, Tennessee

• Weighted monthly housing payment: $1,171.78
• Monthly housing costs, homeowners: $1,058
• Monthly housing costs, renters: $1,263
• Percent homeowners: 44.5%
• Percent renters: 55.5%
• Median household income: $52,679
• Housing to income ratio, 2023: 25.27%

12. Houston, Texas

• Housing to income ratio, 2024: 26.62%
• Weighted monthly housing payment: $1,427.63
• Monthly housing costs, homeowners: $1,456
• Monthly housing costs, renters: $1,408
• Percent homeowners: 40.9%
• Percent renters: 59.1%
• Median household income: $64,361
• Housing to income ratio, 2023: 25.98%

13. Atlanta, Georgia

• Housing to income ratio, 2024: 25.69%
• Weighted monthly housing payment: $1,887.59
• Monthly housing costs, homeowners: $2,022
• Monthly housing costs, renters: $1,765
• Percent homeowners: 47.7%
• Percent renters: 52.3%
• Median household income: $88,165
• Housing to income ratio, 2023: 26.11%

14. Dallas, Texas

• Housing to income ratio, 2024: 25.54%
• Weighted monthly housing payment: $1,582.12
• Monthly housing costs, homeowners: $1,559
• Monthly housing costs, renters: $1,599
• Percent homeowners: 42.2%
• Percent renters: 57.8%
• Median household income: $74,323
• Housing to income ratio, 2023: 25.66%

15. Austin, Texas

• Housing to income ratio, 2024: 25.52%
• Weighted monthly housing payment: $1,922.85
• Monthly housing costs, homeowners: $2,141
• Monthly housing costs, renters: $1,770
• Percent homeowners: 41.2%
• Percent renters: 58.8%
• Median household income: $90,430
• Housing to income ratio, 2023: 25.06%

16. Portland, Oregon

• Housing to income ratio, 2024: 25.48%
• Weighted monthly housing payment: $1,942.57
• Monthly housing costs, homeowners: $2,229
• Monthly housing costs, renters: $1,648
• Percent homeowners: 50.7%
• Percent renters: 49.3%
• Median household income: $91,478
• Housing to income ratio, 2023: 25.56%

17. Philadelphia, Pennsylvania

• Housing to income ratio, 2024: 25.46%
• Weighted monthly housing payment: $1,284.10
• Monthly housing costs, homeowners: $1,084
• Monthly housing costs, renters: $1,500
• Percent homeowners: 51.9%
• Percent renters: 48.1%
• Median household income: $60,521
• Housing to income ratio, 2023: 24.53%

18. Denver, Colorado

• Housing to income ratio, 2024: 25.39%
• Weighted monthly housing payment: $1,957.54
• Monthly housing costs, homeowners: $2,052
• Monthly housing costs, renters: $1,870
• Percent homeowners: 48.1%
• Percent renters: 51.9%
• Median household income: $92,504
• Housing to income ratio, 2023: 24.36%

19. Las Vegas, Nevada

• Housing to income ratio, 2024: 25.39%
• Weighted monthly housing payment: $1,661.96
• Monthly housing costs, homeowners: $1,642
• Monthly housing costs, renters: $1,688
• Percent homeowners: 56.6%
• Percent renters: 43.4%
• Median household income: $78,556
• Housing to income ratio, 2023: 24.42%

20. Fresno, California

• Housing to income ratio, 2024: 25.37%
• Weighted monthly housing payment: $1,575.09
• Monthly housing costs, homeowners: $1,597
• Monthly housing costs, renters: $1,552
• Percent homeowners: 51.3%
• Percent renters: 48.7%
• Median household income: $74,491
• Housing to income ratio, 2023: 26.23%

21. Arlington, Texas

• Housing to income ratio, 2024: 25.24%
• Weighted monthly housing payment: $1,564.32
• Monthly housing costs, homeowners: $1,538
• Monthly housing costs, renters: $1,594
• Percent homeowners: 53.0%
• Percent renters: 47.0%
• Median household income: $74,388
• Housing to income ratio, 2023: 25.15%

22. Bakersfield, California

• Housing to income ratio, 2024: 25.16%
• Weighted monthly housing payment: $1,721.51
• Monthly housing costs, homeowners: $1,730
• Monthly housing costs, renters: $1,708
• Percent homeowners: 61.4%
• Percent renters: 38.6%
• Median household income: $82,093
• Housing to income ratio, 2023: 23.69%

23. Jacksonville, Florida

• Housing to income ratio, 2024: 24.86%
• Weighted monthly housing payment: $1,499.44
• Monthly housing costs, homeowners: $1,450
• Monthly housing costs, renters: $1,568
• Percent homeowners: 58.1%
• Percent renters: 41.9%
• Median household income: $72,389
• Housing to income ratio, 2023: 24.67%

24. Colorado Springs, Colorado

• Housing to income ratio, 2024: 24.69%
• Weighted monthly housing payment: $1,721.88
• Monthly housing costs, homeowners: $1,739
• Monthly housing costs, renters: $1,699
• Percent homeowners: 57.2%
• Percent renters: 42.8%
• Median household income: $83,672
• Housing to income ratio, 2023: 23.56%

25. Columbus, Ohio

• Housing to income ratio, 2024: 24.54%
• Weighted monthly housing payment: $1,371.98
• Monthly housing costs, homeowners: $1,359
• Monthly housing costs, renters: $1,383
• Percent homeowners: 45.9%
• Percent renters: 54.1%
• Median household income: $67,084
• Housing to income ratio, 2023: 24.54%

26. Fort Worth, Texas

• Housing to income ratio, 2024: 24.34%
• Weighted monthly housing payment: $1,673.58
• Monthly housing costs, homeowners: $1,705
• Monthly housing costs, renters: $1,630
• Percent homeowners: 58.1%
• Percent renters: 41.9%
• Median household income: $82,503
• Housing to income ratio, 2023: 25.04%

27. Chicago, Illinois

• Housing to income ratio, 2024: 24.27%
• Weighted monthly housing payment: $1,630.62
• Monthly housing costs, homeowners: $1,797
• Monthly housing costs, renters: $1,486
• Percent homeowners: 46.5%
• Percent renters: 53.5%
• Median household income: $80,613
• Housing to income ratio, 2023: 24.60%

28. Seattle, Washington

• Housing to income ratio, 2024: 24.27%
• Weighted monthly housing payment: $2,401.28
• Monthly housing costs, homeowners: $2,948
• Monthly housing costs, renters: $2,007
• Percent homeowners: 41.9%
• Percent renters: 58.1%
• Median household income: $118,745
• Housing to income ratio, 2023: 22.91%

29. Milwaukee, Wisconsin

• Housing to income ratio, 2024: 24.22%
• Weighted monthly housing payment: $1,146.10
• Monthly housing costs, homeowners: $1,231
• Monthly housing costs, renters: $1,081
• Percent homeowners: 43.4%
• Percent renters: 56.6%
• Median household income: $56,792
• Housing to income ratio, 2023: 25.33%

30. Washington, DC

• Housing to income ratio, 2024: 24.13%
• Weighted monthly housing payment: $2,205.85
• Monthly housing costs, homeowners: $2,603
• Monthly housing costs, renters: $1,931
• Percent homeowners: 40.9%
• Percent renters: 59.1%
• Median household income: $109,707
• Housing to income ratio, 2023: 23.96%

31. Sacramento, California

• Housing to income ratio, 2024: 24.13%
• Weighted monthly housing payment: $1,837.36
• Monthly housing costs, homeowners: $1,829
• Monthly housing costs, renters: $1,846
• Percent homeowners: 50.8%
• Percent renters: 49.2%
• Median household income: $91,387
• Housing to income ratio, 2023: 25.50%

32. Minneapolis, Minnesota

• Housing to income ratio, 2024: 24.10%
• Weighted monthly housing payment: $1,560.88
• Monthly housing costs, homeowners: $1,815
• Monthly housing costs, renters: $1,340
• Percent homeowners: 46.5%
• Percent renters: 53.5%
• Median household income: $77,732
• Housing to income ratio, 2023: 22.73%

33. Nashville, Tennessee

• Housing to income ratio, 2024: 23.90%
• Weighted monthly housing payment: $1,595.44
• Monthly housing costs, homeowners: $1,527
• Monthly housing costs, renters: $1,669
• Percent homeowners: 51.8%
• Percent renters: 48.2%
• Median household income: $80,090
• Housing to income ratio, 2023: 23.03%

34. Raleigh, North Carolina

• Housing to income ratio, 2024: 23.83%
• Weighted monthly housing payment: $1,689.27
• Monthly housing costs, homeowners: $1,718
• Monthly housing costs, renters: $1,661
• Percent homeowners: 49.6%
• Percent renters: 50.4%
• Median household income: $85,060
• Housing to income ratio, 2023: 21.58%

35. San Francisco, California

• Housing to income ratio, 2024: 23.81%
• Weighted monthly housing payment: $2,773.90
• Monthly housing costs, homeowners: $3,336
• Monthly housing costs, renters: $2,448
• Percent homeowners: 36.7%
• Percent renters: 63.3%
• Median household income: $139,801
• Housing to income ratio, 2023: 25.01%

36. San Antonio, Texas

• Housing to income ratio, 2024: 23.63%
• Weighted monthly housing payment: $1,302.85
• Monthly housing costs, homeowners: $1,223
• Monthly housing costs, renters: $1,389
• Percent homeowners: 51.9%
• Percent renters: 48.1%
• Median household income: $66,176
• Housing to income ratio, 2023: 23.53%

37. Charlotte, North Carolina

• Housing to income ratio, 2024: 23.39%
• Weighted monthly housing payment: $1,684.15
• Monthly housing costs, homeowners: $1,649
• Monthly housing costs, renters: $1,720
• Percent homeowners: 50.5%
• Percent renters: 49.5%
• Median household income: $86,416
• Housing to income ratio, 2023: 23.12%

38. Kansas City, Missouri

• Housing to income ratio, 2024: 23.04%
• Weighted monthly housing payment: $1,343.26
• Monthly housing costs, homeowners: $1,381
• Monthly housing costs, renters: $1,292
• Percent homeowners: 57.6%
• Percent renters: 42.4%
• Median household income: $69,958
• Housing to income ratio, 2023: 22.22%

39. Tucson, Arizona

• Housing to income ratio, 2024: 23.02%
• Weighted monthly housing payment: $1,160.07
• Monthly housing costs, homeowners: $1,092
• Monthly housing costs, renters: $1,235
• Percent homeowners: 52.4%
• Percent renters: 47.6%
• Median household income: $60,483
• Housing to income ratio, 2023: 23.56%

40. San Jose, California

• Housing to income ratio, 2024: 22.99%
• Weighted monthly housing payment: $2,839.39
• Monthly housing costs, homeowners: $2,972
• Monthly housing costs, renters: $2,674
• Percent homeowners: 55.5%
• Percent renters: 44.5%
• Median household income: $148,226
• Housing to income ratio, 2023: 24.16%

41. Virginia Beach, Virginia

• Housing to income ratio, 2024: 22.55%
• Weighted monthly housing payment: $1,776.98
• Monthly housing costs, homeowners: $1,791
• Monthly housing costs, renters: $1,753
• Percent homeowners: 63.1%
• Percent renters: 36.9%
• Median household income: $94,579
• Housing to income ratio, 2023: 22.46%

42. Tulsa, Oklahoma

• Housing to income ratio, 2024: 22.48%
• Weighted monthly housing payment: $1,141.33
• Monthly housing costs, homeowners: $1,182
• Monthly housing costs, renters: $1,099
• Percent homeowners: 51.0%
• Percent renters: 49.0%
• Median household income: $60,930
• Housing to income ratio, 2023: 22.39%

43. Omaha, Nebraska

• Housing to income ratio, 2024: 22.38%
• Weighted monthly housing payment: $1,336.35
• Monthly housing costs, homeowners: $1,418
• Monthly housing costs, renters: $1,229
• Percent homeowners: 56.8%
• Percent renters: 43.2%
• Median household income: $71,640
• Housing to income ratio, 2023: 22.09%

44. Phoenix, Arizona

• Housing to income ratio, 2024: 22.30%
• Weighted monthly housing payment: $1,584.13
• Monthly housing costs, homeowners: $1,490
• Monthly housing costs, renters: $1,712
• Percent homeowners: 57.6%
• Percent renters: 42.4%
• Median household income: $85,246
• Housing to income ratio, 2023: 22.58%

45. Oklahoma City, Oklahoma

• Housing to income ratio, 2024: 22.08%
• Weighted monthly housing payment: $1,288.58
• Monthly housing costs, homeowners: $1,372
• Monthly housing costs, renters: $1,178
• Percent homeowners: 57.0%
• Percent renters: 43.0%
• Median household income: $70,040
• Housing to income ratio, 2023: 22.16%

46. Indianapolis, Indiana

• Housing to income ratio, 2024: 21.82%
• Weighted monthly housing payment: $1,216.19
• Monthly housing costs, homeowners: $1,214
• Monthly housing costs, renters: $1,219
• Percent homeowners: 56.2%
• Percent renters: 43.8%
• Median household income: $66,900
• Housing to income ratio, 2023: 20.73%

47. Mesa, Arizona

• Housing to income ratio, 2024: 21.36%
• Weighted monthly housing payment: $1,523.04
• Monthly housing costs, homeowners: $1,423
• Monthly housing costs, renters: $1,708
• Percent homeowners: 64.9%
• Percent renters: 35.1%
• Median household income: $85,580
• Housing to income ratio, 2023: 21.82%

48. Albuquerque, New Mexico

• Housing to income ratio, 2024: 20.54%
• Weighted monthly housing payment: $1,223.88
• Monthly housing costs, homeowners: $1,222
• Monthly housing costs, renters: $1,227
• Percent homeowners: 62.5%
• Percent renters: 37.5%
• Median household income: $71,494
• Housing to income ratio, 2023: 20.81%

49. Louisville, Kentucky

• Housing to income ratio, 2024: 20.38%
• Weighted monthly housing payment: $1,142.19
• Monthly housing costs, homeowners: $1,141
• Monthly housing costs, renters: $1,144
• Percent homeowners: 60.3%
• Percent renters: 39.7%
• Median household income: $67,251
• Housing to income ratio, 2023: 21.90%

50. El Paso, Texas

• Housing to income ratio, 2024: 20.35%
• Weighted monthly housing payment: $1,016.10
• Monthly housing costs, homeowners: $985
• Monthly housing costs, renters: $1,066
• Percent homeowners: 61.6%
• Percent renters: 38.4%
• Median household income: $59,932
• Housing to income ratio, 2023: 22.01%

Data and Methodology

Fifty of the largest U.S. cities based on population are ranked according to housing costs relative to household incomes. Annual housing costs are determined by weighting the median monthly rental costs and median monthly homeownership costs based on the percentage of households in the city that respectively rent and own their home. All data comes from the U.S. Census Bureau 1-Year American Community Survey for 2024. Some 2023 data was included for comparison. 

Housing costs for homeowners include mortgage and home equity payments, real estate taxes, property insurance, utilities and fuels, and HOA/condo fees where applicable. Housing costs for renters include the contracted rent plus the average monthly cost of utilities and fuels (if paid by the renter).

Questions about our study? Contact us at press@smartasset.com

Photo credit: ©iStock.com/Sean Pavone