3. Miami
Median listing price: $450,000
Percentage of households that can’t afford a home: 74.3 percent
Although Miami is one of the few major cities where home prices are plummeting, prices haven’t dropped enough to make homes affordable for most of the city’s residents. In fact, nearly three-quarters of households in the city can’t afford a monthly mortgage of $1,925 on a home with a median listing price of $450,000. It would take an annual income of $77,000, but Miami’s median household income is just $34,901.