Riverside County, California, stands out as the riskiest large county in the U.S. housing market. A study by Attom revealed that residents spend nearly 66% of their wages on homebuying expenses, with the median home price at $600,000. This is significantly higher than the national average, and foreclosure filings affect one in every 811 properties, also nearly double the national rate.
San Bernardino County, adjacent to Riverside, faces similar challenges. Homeowners there spend over 54% of their income on housing, and one in every 777 properties has a foreclosure filing. Both counties, along with Fresno and Contra Costa, are part of California’s ongoing affordability crisis, with local unemployment rates exceeding the national average of 4.5%.
Philadelphia County in Pennsylvania presents a different risk. Although housing is more affordable, with homes costing 19% of average income, more than 8% of mortgages are underwater. This is the highest rate among populous counties, with the foreclosure rate at 0.22%, over three times the national average…