A record shortage of homes for sale sent prices climbing by double-digit percentages last month.
A new study from PropertyShark finds home prices continue to outpace wage growth in many urban centers, preventing single-income buyers from entering the market.
The number of cities where single people cannot afford to buy a home has grown from 14 cities in 2017 to 22 in 2022.
Nationwide, the study finds a single woman would need to spend 49 percent of her monthly income to cover mortgage payments, and single men would need to spend 32 percent.
The top five least affordable cities for single buyers are New York, Los Angeles, Boston, San Francisco and Oakland.
The study used Census data for local median incomes of men and women and the median price for a starter home (defined as houses and condominiums with one bedroom, and studios), and assumed 30 percent of income would be spent on living expenses.
