In 10 counties, a gap between income and peaking home prices means purchasing power is low, and that these markets are at risk of a housing bubble.
The number one metro area in National Mortgage News' ranking was San Antonio - New Braunfels, in Comal County, Texas. The county's price-wage growth gap is at 14.04 percent with a median sales price of $269,990. Williamson County, Tennessee, home to Nashville, Murfreesboro, and Franklin, had the smallest gap between home price and wage growth at 4.11 percent; other metros included Sacramento, New York City, San Francisco, and Portland.
The data, from the Attom Data Home Affordability Index, measures average wages to buy a median-priced home on a recent and historical basis. The third-quarter 2017 data is ranked by the difference between the year-over-year increase in median home prices and the increase in average weekly wages needed to buy a median-priced house during the same period.
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