12 cities where home purchase power is plummeting
May 9, 2017 1:40 PM
National home prices are soaring, as tight inventory and high demand — not to mention higher interest rates — are making it harder for consumers to buy homes.
Here's a look at the 12 markets where rising home prices, along with shifts in wages and interest rates, have combined to put the most downward pressure on consumers' purchasing power.
The data, from the First American Real House Price Index, measures home price changes, taking local income data and mortgage rates into account "to better reflect consumers' purchasing power and capture the true cost of housing." Index values are for the month of February and are set to equal 100 in January 2000.
Here's a look at the 12 markets where rising home prices, along with shifts in wages and interest rates, have combined to put the most downward pressure on consumers' purchasing power.
The data, from the First American Real House Price Index, measures home price changes, taking local income data and mortgage rates into account "to better reflect consumers' purchasing power and capture the true cost of housing." Index values are for the month of February and are set to equal 100 in January 2000.
Konstantin L - Fotolia
No. 12: Richmond, Va.
Real Home Price Index: 77.14
Annual Change: 13.1%
Annual Change: 13.1%
Trey - Fotolia
No. 11: Chicago, Ill.
Real Home Price Index: 66.17
Annual Change: 13.2%
Annual Change: 13.2%
itsallgood - Fotolia
No. 10: Atlanta, Ga.
Real Home Price Index: 71.04
Annual Change: 13.2%
Annual Change: 13.2%
Edward Cooper - Fotolia
No. 9: Las Vegas, Nev.
Real Home Price Index: 75.14
Annual Change: 13.5%
Annual Change: 13.5%
Delmas Lehman - Fotolia
No. 8: Tampa, Fla.
Real Home Price Index: 69.09
Annual Change: 13.5%
Annual Change: 13.5%
Photographer: Gino Rigucci/RG - Fotolia
No. 7: Seattle, Wash.
Real Home Price Index: 85.52
Annual Change: 13.6%
Annual Change: 13.6%
TONO BALAGUER/lunamarina - Fotolia
No. 6: Orlando, Fla.
Real Home Price Index: 87.57
Annual Change: 13.7%
Annual Change: 13.7%
/tkreykes - Fotolia
No. 5: Denver, Colo.
Real Home Price Index: 99.44
Annual Change: 15.4%
Annual Change: 15.4%
John McGraw Photog - Fotolia
No. 4: Cincinnati, Ohio
Real Home Price Index: 64.90
Annual Change: 16.3%
Annual Change: 16.3%
Jill Lang - Fotolia
No. 3: Charlotte, N.C.
Real Home Price Index: 68.67
Annual Change: 16.5%
Annual Change: 16.5%
Eunika Sopotnicka/eunikas - Fotolia
No. 2: Milwaukee, Wis.
Real Home Price Index: 89.19
Annual Change: 17.3%
Annual Change: 17.3%
thejimcox - Fotolia
No. 1: Jacksonville, Fla.
Real Home Price Index: 93.36
Annual Change: 20.6%
Annual Change: 20.6%
