Top 10 Most Affordable Housing Markets

The Polygon Affordability Index shows that affordability improved across nearly all of the 10 largest U.S. housing markets in 2025 versus 2024. Atlanta posted the largest gain, rising from 62 to 71, driven by improvement across monthly payment burden, price burden, and down payment burden. Chicago and Houston also reached a PAI score of 71, placing them at the top of this large-market peer group.

The practical message for lenders is that affordability is improving, but unevenly. Los Angeles improved from 54 to 57, yet remains the least affordable market shown. Phoenix, Washington, New York, Dallas-Fort Worth, and Houston saw modest gains, while Philadelphia was essentially flat because an improvement in monthly payment burden was offset by weaker down payment affordability.

This matters because affordability is a production signal.

Markets with improving affordability may support better purchase conversion, stronger realtor partnerships, and more effective first-time buyer outreach.

Markets that remain stretched require a different playbook: sharper borrower segmentation, down payment assistance education, tighter pricing discipline, and realistic pull-through assumptions.

Polygon’s loan-level PAI helps lenders see affordability through the borrower’s actual financing constraints, not just median home prices.