The least affordable cities for car buyers
Tastes in new vehicles can vary from city to city — think Texas’ love of trucks or Miami’s preference for sleek roadsters. Affordability also can differ from place to place.Insurance rates, local incomes and sales taxes can make it more difficult to comfortably afford a new car in some cities.
Here are major metros areas where buying and financing a new vehicle is toughest on the typical car buyer’s budget, based on Bankrate’s 2017 Car Affordability Study. We count down to the least affordable market.
10. St. Louis
- Affordable car price: $19,840 (vs. national average $33,261)
- Affordable monthly payment: $387
- Median income: $58,177
9. Phoenix
- Affordable car price: $19,571 (vs. national average $33,261)
- Affordable monthly payment: $379
- Median income: $57,213
8. Dallas-Fort Worth
- Affordable car price: $19,038 (vs. national average $33,261)
- Affordable monthly payment: $383
- Median income: $63,493
7. Houston
- Affordable car price: $18,858 (vs. national average $33,261)
- Affordable monthly payment: $370
- Median income: $63,309
6. Riverside-San Bernardino, California
- Affordable car price: $17,833 (vs. national average $33,261)
- Affordable monthly payment: $351
- Median income: $57,770
5. San Antonio
- Affordable car price: $16,432 (vs. national average $33,261)
- Affordable monthly payment: $324
- Median income: $56,735
4. Orlando, Florida
- Affordable car price: $15,902 (vs. national average $33,261)
- Affordable monthly payment: $309
- Median income: $52,609
3. Tampa-St. Petersburg, Florida
- Affordable car price: $14,189 (vs. national average $33,261)
- Affordable monthly payment: $268
- Median income: $50,378
2. Detroit
- Affordable car price: $13,913 (vs. national average $33,261)
- Affordable monthly payment: $273
- Median income: $55,237
1. Miami
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- Affordable car price: $13,577 (vs. national average $33,261)
- Affordable monthly payment: $256
- Median income: $51,954
You can lower your auto loan rates by shopping around for affordable auto financing.
