10 Cities Most Likely To Become Unaffordable in the Near Future

April 03, 2024

The pursuit of the American Dream often leads individuals to vibrant cities across the United States. However, as economic factors shift and populations grow, the dream of homeownership and comfortable living is slipping away for many. Let’s explore the top 10 U.S. cities projected to become increasingly unaffordable in the coming years, highlighting the challenges faced by residents striving to make ends meet.

1. Las Vegas, NV

While known for its glitzy casinos and entertainment, Las Vegas faces affordability challenges as housing prices continue to surge. Rapid population growth, coupled with a limited housing supply, is expected to push costs even higher, making homeownership a distant goal for many residents. This will cause many local residents to search for rooms for rent to avoid being pushed out of the city.

2. Philadelphia, PA

Philadelphia’s rich history and cultural heritage attract residents from all walks of life. However, the city’s aging infrastructure and rising property taxes are putting a strain on affordability. As demand for housing increases, particularly in desirable neighborhoods, prices are expected to climb further out of reach. More investors are listing rooms for rent through PadSplit to ensure affordable housing is available to essential workers.

3. Orlando, FL

Orlando’s appeal as a tourist destination and growing tech hub has fueled a population boom in recent years. As a result, housing costs have soared, outpacing wage growth and making it increasingly difficult for residents to find affordable housing within city limits.

4. Atlanta, GA

Atlanta’s diverse economy and southern charm make it a desirable destination for both businesses and individuals. However, the city’s rapid expansion has led to gentrification in many neighborhoods, driving up rents and property values. As Atlanta continues to attract new residents, affordability concerns are likely to intensify.

5. Charlotte, NC

Charlotte’s status as a major banking center has propelled its growth in recent years. While the city offers abundant job opportunities, the rising cost of living is squeezing residents’ budgets. As demand for housing outpaces supply, homeownership in Charlotte may become increasingly elusive for many. This will increase the demand for rooms for rent.

6. Roswell, GA

Located just north of Atlanta, Roswell offers a suburban lifestyle with easy access to urban amenities. However, the city’s popularity has led to rising property values and increased demand for housing. As development continues, affordability concerns are expected to persist for Roswell residents.

7. Knoxville, TN

Knoxville’s scenic beauty and low cost of living have attracted retirees and young professionals alike. However, as the city undergoes revitalization efforts and attracts new residents, housing prices are on the rise. For many Knoxville residents, the prospect of homeownership may become more challenging in the years ahead.

8. Prescott, AZ

Prescott’s mild climate and outdoor recreational opportunities make it an attractive destination for those seeking a high quality of life. However, the city’s desirability has driven up housing prices, particularly in sought-after neighborhoods. As demand continues to outpace supply, affordability concerns are likely to worsen for Prescott residents and increase the demand for rooms for rent.

9. Columbus, OH

Columbus’s growing economy and affordable cost of living have made it a magnet for young professionals and families. However, rapid population growth has strained the city’s housing market, leading to rising rents and home prices. As Columbus continues to thrive, affordability may become a pressing issue for many residents.

10. Bakersfield, CA

Bakersfield’s central location and relatively affordable housing have made it an appealing option for those priced out of California’s coastal cities. However, the city faces challenges related to water scarcity and air quality. Eventually, this could impact its long-term affordability and prompt many to search for rooms for rent. As demand for housing remains strong, Bakersfield residents may face increasing pressure on their budgets.

As these 10 U.S. cities continue to grow and prosper, the dream of affordable homeownership is slipping further out of reach for many residents. The demand for rooms for rent will continue to increase to ensure residents can continue to live in the city. Without concerted efforts to address housing affordability, these cities risk becoming inaccessible to all but the wealthiest individuals, exacerbating economic inequality and threatening the fabric of our communities.

Explore our posts

10 rental property tax deductions to maximize profits
PadSplit Impact Report
The Las Vegas housing crunch: Is coliving the answer?