"The Bay Area has consistently been one of the most expensive markets in the country," said Daryl Fairweather, chief economist at Redfin.
Why the New York metro area is low on the listMidtown Manhattan, New York, as seen from Hoboken, New Jersey.
That's because the metro area goes beyond Manhattan and the city's four other boroughs, extending into nearby counties.
"Even though Manhattan is really expensive, once you get to the outlying areas [in] the New York metro area, it actually becomes quite affordable," said Fairweather.
Interested homebuyers in the region still need to earn six figures annually to afford a home, about $197,734, Redfin estimates.
Persons:
Thomas Barwick, San, Daryl Fairweather, Gary Hershorn, Fairweather
Organizations:
Area, Redfin, California metros, San Diego —, New, Midtown, Corbis, Council for Community
Locations:
Getty, San Francisco, San Jose , California, California, Anaheim, Oakland, San Diego, New York, Midtown Manhattan , New York, Hoboken , New Jersey, Manhattan, U.S