House prices are in record territory, but affordability varies widely by market

For many people, buying a house is simply out of reach today. Housing costs have reached record highs, pricing buyers out and leaving more homes on the market than there have been in years. 

The data backs this up: Nationwide, just 35% of homes are affordable to the average homebuyer — down from 60% in 2022. Affordability has dropped since the pandemic because house prices and mortgage rates rose in tandem. Both remain elevated due to chronic underbuilding and broad economic uncertainty.

But trends vary widely by market: In some cities, homes sell within a week for well above asking; in others, they typically sit for two months or longer. Regardless, with homeownership increasingly out of reach, more Americans are instead turning to renting – including six-figure earners in cities like San Francisco and Orlando.

So where can buyers and sellers find the best deals? Redfin ranked the 10 cheapest and 10 most expensive housing markets in the U.S., based on median home prices and local incomes.

The most affordable cities to buy a house in 2025