These top 5 housing markets are expected to crash first…

According to the results of a survey from Consumer Affairs, if you call one of these five cities home, you might want to prepare for your home’s value to take a tumble in the year ahead.

1) Austin, Texas

2) Atlanta

3) Bakersfield, California

4) Los Angeles

5) Albuquerque, New Mexico

Coming in at number four, 23% of those polled believe Los Angeles is the city most likely to see housing prices drop.

As of October, the median listing home price in Los Angeles was $999,000 at $649 per square foot, up 5.2% year-over-year. The median home sold price was $915,000, with homes selling after a median 62 days on the market.

Prices have decreased slightly since July, down from a median listing price of $1 million at $654 per square foot. But the drops can especially be seen in the median sale prices in L.A. — down from $948,000 in the summer. And homes are lingering on the market for nearly two weeks longer, compared to 49 days in July.

If prices drop as much as 15% from the summer’s numbers, that would lower the median listing price to $850,000 — a decrease of $150,000.

LA ranks 5th most expensive US city

The report from Consumer Affairs analyzed 2021 data from the U.S. Census Bureau against two metrics - median monthly housing costs and median owner-occupied unit values - to determine which U.S. cities are the most expensive. To the surprise of no one, California cities dominated the list, ranking four out of the top five spots.

Below shows the top 5 most expensive cities in the US, along with their median monthly housing costs (such as utilities, insurance, and rent or mortgage payment):

1) San Jose: $2,463

2) San Francisco: $2,337

3) San Diego: $2,044

4) Seattle: $1,984

5) Los Angeles: $1,845

Los Angeles comes in under Seattle in terms of median home values ($812,800) and median monthly housing costs ($1,845). However, because Los Angeles residents have a median household income almost $40,000 lower than Seattle's, it has the highest monthly housing costs relative to income of any city in the list's top 10.

If you're looking for the least expensive city for housing costs, head over to Detroit, Michigan. According to the report, residents' median monthly housing costs here are $755.