As we track housing affordability in 2026, national trends mask sharp regional divergence. In some large metro areas, home prices continue to stretch household budgets; in others, buyers are finally gaining leverage. Below, House of Leon reveals are the major U.S. cities (population 750,000+) where these forces are most pronounced.
10 Large Cities Still Becoming Unaffordable
For these metros, median home prices remain high relative to incomes and price momentum favors sellers — even as mortgage rates and economic pressures weigh on demand.
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New York, NY — One of the largest metros where price momentum remains elevated, and affordability pressure persists.
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Los Angeles, CA — Ongoing high median prices despite periodic softening in demand.
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Chicago, IL — Steady value increases and supply tightness driving affordability gaps.
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Philadelphia, PA — Price growth continues to outpace income gains in 2025-2026.
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San Francisco, CA — Steep price base and limited inventory pressure affordability.
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San Jose, CA — Among the highest metro home prices nationwide, challenging affordability.
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Miami, FL — Strong demand and limited supply keeping prices high.
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Dallas-Fort Worth, TX — Elevated prices despite slowing growth relative to prior years.
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Houston, TX — Inventory tightening has limited affordability improvements.
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Washington, DC — Continued market strength and tight supply maintain affordability strain.
In these metros, homes still cost a large multiple of local incomes — and the pace of price growth remains a factor for many buyers. Price data from Zillow’s national research shows that in most major U.S. metros, home values continue to trend above pre-COVID-19 pandemic levels, even where growth has slowed.
7 Large Cities Where Buyers Are Gaining Leverage
In these major metro areas, shifting inventory, cooling price growth, or outright price declines have created more favorable conditions for buyers.
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Tampa-St. Petersburg, FL — Forecasts project a slowdown or mild price retreat in 2026.
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Jacksonville, FL — Slower demand and rising inventory are reducing competitive pressure.
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Atlanta, GA — More balanced market conditions have increased negotiation power for buyers.
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Phoenix, AZ — Recent price easing and longer time on market give buyers more leverage.
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Detroit, MI — Slower price growth and rising inventory improve affordability.
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Boston, MA — Slight cooling relative to prior growth phases, with inventory climbing.
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Seattle, WA — Price growth has softened, and supply has improved, widening buyer options.
Forecast modeling from Newsweek’s 2026 price outlook identifies several Sun Belt metros with projected softening or declines — a trend echoed in Realtor.com data showing increasing inventory levels and longer listing times in major markets that had previously favored sellers.
Why This Matters Now
Mortgage rates remain above historical lows, which increases monthly costs even if nominal prices stabilize.
Inventory growth in many metros gives buyers more options, reducing bidding wars.
Regional divergence means affordability is not uniform — some of the largest U.S. cities are still seller-driven, while others are entering a buyer-friendly phase.
National inventory and balance data from Redfin show that the seller-to-buyer ratio has shifted meaningfully toward buyers in the last 12 months in several large markets, underpinning the leverage gains seen above.
Takeaway
If you live in or are considering a move to one of the nation’s largest cities:
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In the “Unaffordable” cohort, competition and high prices still dominate—strategies here require strong negotiation planning and timing signals.
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In the “Buyer Leverage” group, slower price growth and rising inventory can produce opportunities — especially for buyers with financing ready.
Understanding where conditions have shifted can mean the difference between chasing a deal and finding leverage.