Indiana Earns Top Marks, New York Falls Short: Realtor.com®'s 2026 State Report Cards for Homebuilding, Affordability Reveal a Nation Divided

Rhea-AI Summary

Realtor.com (NWS) released its 2026 State Report Cards on housing affordability and homebuilding, revealing sharp regional divides. Indiana ranks No. 1 with an A (76.3), while New York is last at 8.5 (F). Only 11 states have median homes affordable to median earners.

Every A and B grade goes to the South or Midwest, while all F grades are in the Northeast and West. New York’s median listing price of $668,173 consumes 55.2% of typical income, and the state builds at less than half its population-based housing need.

News Market Reaction – NWS

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In the Jun 15 session, NWS declined 0.03%, reflecting a mild negative market reaction.

Data tracked by StockTitan Argus on the day of publication.

Market Context

This announcement provides granular state-by-state data on housing affordability, construction activ...

Analysis

This announcement provides granular state-by-state data on housing affordability, construction activity and pricing, positioning Realtor.com as a reference source for policymakers and market participants. With Indiana scoring 76.3 and New York just 8.5, the report underscores a sharp regional divide and a cited 4 million-home national shortage. For News Corp shareholders, key watchpoints are how such data products support Realtor.com’s user growth, engagement and long-term strategic relevance in housing information.

Key Figures

Indiana total score: 76.3 Indiana median home price: $295,810 Indiana payment share: 28.3% +5 more

8 metrics

Indiana total score 76.3 Realtor.com 2026 State Report Card; ranked No. 1 nationally

Indiana median home price $295,810 Median listing price; affordability leader with A grade

Indiana payment share 28.3% Share of typical household income needed for mortgage payments

Nationwide shortage 4 million homes Estimated U.S. housing shortage cited in report

New York total score 8.5 Lowest state score; F grade and rank No. 51

New York median price $668,173 Median listing price in New York state

New York income share 55.2% Share of typical household income for median listing mortgage

New York new-build premium 73.9% New construction premium over existing homes in New York

Historical Context

5 past events · Latest: Jun 11 (Neutral)

Pattern 5 events

Date	Event	Sentiment	24h Move	Catalyst
Jun 11	Housing timing report	Neutral	-2.5%	Realtor.com analysis on how listing duration impacts sale prices.
Jun 10	Luxury market review	Neutral	-0.5%	Realtor.com review of post-pandemic luxury housing market trends.
Jun 09	Product feature launch	Neutral	+0.3%	Launch of upgraded My Home dashboard for 87 million homeowners.
Jun 03	Monthly housing report	Neutral	-1.2%	Realtor.com May 2026 housing trends on prices, inventory, and demand.
Jun 02	AI search rollout	Neutral	-1.6%	Launch of RealAssist AI home search experience using Google technology.

24h Move is the share-price change in the day after each event; other market factors may also have contributed.

Pattern Detected

Recent Realtor.com/News Corp housing and product announcements have typically seen modest share-price moves, with four small declines and one small gain in the last five releases.

Recent Company History

Over the past two weeks, News Corp has released a series of Realtor.com-driven updates, from product launches like RealAssist AI and enhancements to the My Home dashboard to recurring housing data on pricing, affordability and list-price trends. These items, dated between June 2–11, 2026, have generally produced modest share reactions, often slightly negative. The current state-level affordability and homebuilding report continues this pattern of data-centric housing market insights rather than company-specific financial changes.

Key Terms

realtors® affordability score, permit-to-population ratio, new construction premium, affordability distribution curve, +1 more

5 terms

realtors® affordability score financial

"A REALTORS® Affordability Score of 0.89 ranks among the highest..."

A Realtors® Affordability Score is a single-number measure that shows how affordable owning a typical local home is for a median household by comparing local income with estimated mortgage payments, property taxes and insurance to reflect monthly housing costs. Investors use it like a market thermometer: higher scores indicate broader buying power and potential for stronger demand and price support, while lower scores signal affordability strain that can curb sales and pressure prices.

permit-to-population ratio technical

"South Carolina ... with a permit-to-population ratio of 1.96..."

Permit-to-population ratio measures how many government permits (for example building, business, or environmental permits) are issued relative to the number of people in an area, usually shown per 1,000 or 100,000 residents. Investors use it as a quick gauge of local regulatory activity and future economic changes: a higher ratio is like more construction permits per neighborhood, suggesting upcoming building, business expansion, or easier regulatory access that can affect supply, jobs, and local revenues.

new construction premium technical

"a rare negative new construction premium, meaning newly built homes are..."

An extra amount buyers or tenants pay for properties or assets that are newly built compared with older, similar ones. It reflects the value of modern design, warranties, lower short‑term maintenance and energy efficiency; like paying more for a brand‑new car over a used one. For investors this premium affects purchase price, rental income and resale prospects, and therefore the expected returns and payback period of a real estate or development investment.

affordability distribution curve financial

"The REALTORS® Affordability Score is derived from the REALTORS® Affordability Distribution Curve..."

A affordability distribution curve is a chart that shows how many people or organizations can afford a product or service at different price points, similar to a hill that slopes from cheaper to more expensive options. For investors, it reveals the size and shape of potential demand as price changes—helping estimate revenue, market share, and pricing risk by showing whether a price cut or raise will bring in many more customers or only a few.

building permit survey technical

"Permit data comes from the U.S. Census Bureau's Building Permit Survey..."

A building permit survey is a report that counts and analyzes new construction permits issued by local authorities, often broken down by type (residential, commercial, renovations) and location. Investors use it as an early indicator of construction activity and future supply: rising permits are like seeing building materials arrive at a site, suggesting more projects and potential growth for construction firms, suppliers, and local economies, while falling permits signal slowing demand.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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South and Midwest sweep every A and B grade; New York falls to last place with a score of 8.5 out of 100; Northeast ranks among the lowest performing nationally

AUSTIN, Texas, June 15, 2026 /PRNewswire/ -- Indiana just claimed America's top housing market title, and New York hit rock bottom. In the second annual Realtor.com^® Affordability & Homebuilding Report Cards released today, Indiana vaults from No. 4 to No. 1 — earning an A grade for keeping homes within reach of everyday earners while building at a healthy pace. New York finishes dead last at No. 51, where a typical family has to spend more than half of its monthly income on mortgage payments in order to afford the median priced home, and it's building half the new homes the state actually needs.

"A year ago, we launched this report to give policymakers a clear benchmark for progress at the state level," said Danielle Hale, chief economist at Realtor.com^®. "What the 2026 update shows is that the states making real headway are the ones doing both things well — keeping homes within reach of today's median earners and building enough new supply to meet demand. Indiana's rise to the top of the class is a textbook example of that balanced approach. Meanwhile, the bottom of the rankings has barely budged, which shows how deep these structural challenges run. With a nationwide housing shortage still near 4 million homes, the gap between America's best and toughest housing markets isn't narrowing, it's growing."

Indiana Takes the Top Spot

Indiana jumps from No. 4 to No. 1, earning an A (76.3), the highest score in the nation. A $295,810 median home price requires the typical household to spend just 28.3% of its monthly income on mortgage payments, well under the 30% threshold that defines affordability. A REALTORS® Affordability Score of 0.89 ranks among the highest in the country. Indiana doesn't dominate any single metric, instead it wins by doing everything well.

The top five holds familiar names from last year's inaugural rankings:

• (2) Iowa (A, 75.8) holds strong as the nation's affordability leader, with the lowest share of income required to purchase a median home (25.4%) and the highest REALTORS® Affordability Score (0.96) in the country.
• (3) South Carolina (A, 75.2) remains the nation's building champion with a permit-to-population ratio of 1.96, nearly double its population share, and a rare negative new construction premium, meaning newly built homes are actually 5.7% cheaper than existing ones.
• (4) Texas (A-, 71.0) continues to lead all states in raw construction volume, accounting for 14.6% of all building permits issued, far above its 9.3% population share.
• (5) North Carolina (B+, 68.6) mirrors South Carolina's building success, with a permit-to-population ratio of 1.84 and a slightly negative new construction premium of -1.5%, meaning builders are delivering homes priced just below existing inventory.

The Regional Divide: Every A and B Grade Belongs to the South or Midwest

The trend first identified in last year's report has sharpened considerably. Every A and B grade belongs to a state in the South or Midwest. Southern states average a score of 60.4 (average rank: 16); Midwestern states average 60.9 (average rank: 16). Western states average 41.8 (average rank: 35). The Northeast averages just 30.0 (average rank: 43) — and it shows: all six F grades went to states in those two regions alone.

Only 11 states can claim that a median-priced home is affordable to a median earner under the 30%-of-income rule, and all but one of them are in the South or Midwest.

"The regional divide we saw last year is a continuing structural feature of the American housing market," said Joel Berner, senior economist, Realtor.com. "The states at the top of our rankings benefit from available land, lower regulatory barriers, and a building culture that prioritizes volume and accessibility. What's particularly encouraging is seeing states like South Carolina and North Carolina deliver newly built homes that actually cost less than existing inventory. The challenge now is getting more states to replicate that model before the gap becomes impossible to close."

The Biggest Movers

Notable climbs in the 2026 rankings:

• Delaware (+12 spots, No. 7, B) is one of this year's most improved states, vaulting into the top 10 on the strength of above-average building activity (permit-to-population ratio of 1.46) and a strong median income of $87,667.
• Utah (+12 spots, No. 17, C+) matches Delaware's leap, driven by an exceptional permit-to-population ratio of 1.82, a clear sign that aggressive construction can improve a state's trajectory even when current prices remain elevated.
• Colorado (+9 spots, No. 18, C+) also climbed significantly, with a healthy permit-to-population ratio of 1.34 and a relatively contained new construction premium of 9.6%.
• Kansas (+7 spots, No. 13, B) rose on the strength of its affordability numbers: a median priced home of $292,632 requires just 27.0% of median income, with a REALTORS® Affordability Score of 0.85.

On the other side, Alabama, Maryland, and New Jersey each fell eight spots — the largest declines in the dataset — as building activity softened and affordability pressures mounted.

New York Falls to Last Place

New York scores 8.5 out of 100, the lowest in the nation, and earns an F grade. A median listing price of $668,173 consumes 55.2% of a typical household's income each year. New York's permit-to-population ratio of 0.45 means the state builds at less than half the rate its population share demands — and a 17% year-over-year permitting slowdown made it worse. A 73.9% new construction premium confirms the homes being built are far out of reach for typical buyers.

New York, Massachusetts, Rhode Island, Hawaii, Connecticut and California all carry F grades for the second consecutive year.

Bold Policy Is the Only Path Forward

States climbing the rankings share a common denominator: they build more, regulate less and deliver homes buyers can actually afford. States at the bottom share the opposite. More permissive zoning, streamlined permitting, and incentives for competitively priced construction are not aspirational — they are proven levers that are already moving the rankings for states willing to use them.

Realtor.com^®'s Let America Build campaign calls on federal, state and local leaders to tear down the barriers to homebuilding driving the nation's 4-million-home shortage. States that act will likely see positive benefits and the states that don't are expected to fall further behind.

State-by-State Housing Affordability & Homebuilding Report Card (2026)

Rank	State	Total Score	Grade	REALTORS® Affordability Score	Median Listing Price	Median Household Income	Share of 2025 Permitted Units	Share of Population	New Construction Premium
1	Indiana	76.3	A	0.89	$295,810	$71,469	2.08 %	2.04 %	40.5 %
2	Iowa	75.8	A	0.96	$282,886	$75,991	0.94 %	0.95 %	56.0 %
3	South Carolina	75.2	A	0.68	$363,896	$67,758	3.19 %	1.63 %	-5.7 %
4	Texas	71	A-	0.66	$364,749	$76,585	14.60 %	9.28 %	7.6 %
5	North Carolina	68.6	B+	0.62	$413,044	$71,489	6.02 %	3.28 %	-1.5 %
6	Nebraska	68.6	B+	0.75	$346,210	$76,990	0.74 %	0.59 %	49.9 %
7	Delaware	66.1	B	0.70	$486,044	$87,667	0.45 %	0.31 %	16.0 %
8	South Dakota	65.8	B	0.61	$379,491	$75,671	0.38 %	0.27 %	7.1 %
9	Arkansas	65.2	B	0.74	$299,817	$60,653	1.08 %	0.91 %	33.3 %
10	Oklahoma	64.5	B	0.79	$299,410	$65,044	1.06 %	1.21 %	29.4 %
11	Florida	63.7	B	0.59	$432,742	$72,722	12.28 %	6.86 %	-3.1 %
12	Georgia	63	B	0.68	$392,112	$75,118	4.24 %	3.31 %	15.1 %
13	Kansas	62.6	B	0.85	$292,632	$74,030	0.70 %	0.87 %	77.6 %
14	Minnesota	59.8	C+	0.80	$388,212	$88,572	1.45 %	1.71 %	48.8 %
15	Virginia	59.4	C+	0.74	$446,963	$92,714	2.33 %	2.60 %	30.9 %
15	Ohio	59.4	C+	0.88	$277,348	$70,196	2.32 %	3.48 %	84.6 %
17	Utah	58.2	C+	0.57	$589,911	$95,601	1.88 %	1.04 %	4.7 %
18	Colorado	57.8	C+	0.62	$579,391	$95,479	2.36 %	1.76 %	9.6 %
19	Louisiana	57.5	C	0.79	$278,892	$59,290	1.01 %	1.35 %	10.5 %
20	Arizona	57.3	C	0.56	$484,526	$78,786	3.57 %	2.23 %	1.5 %
21	Alabama	56.7	C	0.74	$330,806	$64,027	1.32 %	1.52 %	13.0 %
22	Missouri	55.5	C	0.83	$301,158	$69,725	1.20 %	1.83 %	48.1 %
23	Wisconsin	55.2	C	0.67	$388,098	$75,737	1.78 %	1.75 %	38.0 %
24	Kentucky	54.8	C	0.76	$306,600	$64,597	1.01 %	1.35 %	23.5 %
25	West Virginia	54.6	C	0.88	$259,523	$60,185	0.29 %	0.52 %	56.7 %
26	Idaho	52.8	C	0.45	$580,814	$77,609	1.25 %	0.59 %	-4.6 %
27	Tennessee	52.4	C	0.58	$430,476	$69,684	3.02 %	2.14 %	14.0 %
28	Michigan	51.7	C	0.85	$290,329	$70,131	1.64 %	2.96 %	89.1 %
29	North Dakota	50.2	C	0.74	$364,259	$77,692	0.17 %	0.23 %	48.7 %
30	Illinois	49.7	C	0.87	$307,674	$80,648	1.31 %	3.72 %	67.2 %
31	Maryland	49.4	C	0.81	$434,302	$99,340	0.93 %	1.83 %	46.7 %
32	Pennsylvania	48.2	C	0.82	$312,487	$74,855	1.82 %	3.82 %	79.9 %
33	Maine	47.5	C-	0.60	$459,348	$75,202	0.47 %	0.41 %	44.8 %
34	Nevada	45.8	C-	0.52	$491,936	$74,821	1.30 %	0.96 %	18.5 %
35	Mississippi	44.5	C-	0.72	$294,539	$56,831	0.59 %	0.86 %	36.3 %
36	Wyoming	44.1	C-	0.59	$472,428	$77,733	0.15 %	0.17 %	17.1 %
37	Alaska	42.6	C-	0.76	$436,408	$94,247	0.06 %	0.22 %	22.3 %
38	Washington	40.8	C-	0.54	$638,185	$96,120	2.45 %	2.34 %	15.1 %
39	New Mexico	40.1	C-	0.59	$398,774	$64,393	0.54 %	0.62 %	6.8 %
40	Vermont	39.3	D+	0.56	$504,633	$81,929	0.17 %	0.19 %	32.5 %
41	District of Columbia	38.9	D+	0.72	$589,721	$106,049	0.11 %	0.20 %	13.7 %
42	New Hampshire	38	D+	0.58	$586,123	$96,809	0.35 %	0.41 %	37.5 %
43	New Jersey	36.4	D	0.60	$556,344	$99,357	2.25 %	2.79 %	71.6 %
44	Montana	35.4	D	0.41	$628,387	$72,066	0.36 %	0.33 %	6.8 %
45	Oregon	30.8	D-	0.48	$564,005	$80,356	1.05 %	1.25 %	1.4 %
46	Connecticut	29	F	0.67	$518,892	$95,392	0.49 %	1.08 %	72.0 %
47	California	21.7	F	0.47	$742,305	$95,065	7.34 %	11.51 %	-3.8 %
48	Hawaii	16.6	F	0.49	$767,360	$94,556	0.26 %	0.42 %	31.1 %
49	Rhode Island	11.8	F	0.47	$563,235	$85,698	0.12 %	0.33 %	35.0 %
50	Massachusetts	11.2	F	0.50	$763,660	$98,170	0.85 %	2.09 %	37.2 %
51	New York	8.5	F	0.51	$668,173	$82,657	2.66 %	5.85 %	73.9 %

Methodology

The 2026 report cards are largely based on data with a 2025 reference period. The REALTORS® Affordability Score is derived from the REALTORS® Affordability Distribution Curve, which examines how many listings are affordable to those in a particular income percentile. The Affordability Score varies between 0 and 2 and is a calculation that is equal to twice the area below the Affordability Distribution Curve on a graph. Median list price is calculated for each state across Realtor.com listings active in 2025. Median Household Income comes from 2025 estimates by Claritas. Permit data comes from the U.S. Census Bureau's Building Permit Survey, and each state's total is divided by the national total to compute the share. Population data comes from 2025 Census Bureau estimates, and each state's total is divided by the national total to compute the share. The new-construction premium comes from comparing the median prices of Realtor.com listings grouped into new builds and existing homes for each state.

About Realtor.com^®

For over 30 years, Realtor.com® has connected buyers, sellers, and renters with trusted insights, professional guidance and powerful tools to help them find their perfect home. Recognized as the No. 1 real estate site REALTOR® agents recommend, Realtor.com® delivers consumer connections and a robust suite of marketing tools to support business growth. Realtor.com® is operated by News Corp [Nasdaq: NWS, NWSA] [ASX: NWS, NWSLV] subsidiary Move, Inc.

Media Contact: Mallory Micetich, press@realtor.com

View original content:https://www.prnewswire.com/news-releases/indiana-earns-top-marks-new-york-falls-short-realtorcoms-2026-state-report-cards-for-homebuilding-affordability-reveal-a-nation-divided-302799810.html

SOURCE Realtor.com

FAQ

What is the 2026 Realtor.com housing report card released by NWS?

The 2026 Realtor.com housing report card ranks 51 U.S. states and D.C. on affordability and homebuilding. According to Realtor.com, scores combine median home prices, household income, building permits, and a REALTORS Affordability Score to show how accessible and adequately supplied each state’s housing market is.

Why did Indiana rank No. 1 in the 2026 Realtor.com housing report card (NWS)?

Indiana ranked No. 1 with an A score of 76.3 due to balanced affordability and construction. According to Realtor.com, its $295,810 median price requires 28.3% of income, and its 0.89 REALTORS Affordability Score and solid permitting make it the nation’s top overall performer.

Why did New York place last in Realtor.com’s 2026 housing rankings (NWS)?

New York placed last with a score of 8.5 and an F grade because homes are costly and construction lags. According to Realtor.com, the $668,173 median price consumes 55.2% of income, permitting slowed 17% year over year, and new homes carry a 73.9% premium.

How do regional housing markets compare in Realtor.com’s 2026 state report cards (NWS)?

Realtor.com finds strong regional differences, with the South and Midwest earning all A and B grades. According to Realtor.com, Southern and Midwestern states average around 60 scores, while Western and Northeastern states average far lower and contain all six F grades, highlighting a divided national housing landscape.

Which states were the biggest climbers in the 2026 Realtor.com housing rankings (NWS)?

Delaware, Utah, Colorado, and Kansas were notable climbers in the 2026 rankings. According to Realtor.com, Delaware and Utah jumped 12 spots, Colorado rose 9, and Kansas gained 7, generally helped by stronger permitting activity or improved affordability metrics within their housing markets.

How does Realtor.com calculate affordability in the 2026 housing report card (NWS)?

Affordability is measured using the REALTORS Affordability Score and the share of income needed for a median-priced home. According to Realtor.com, the score comes from an affordability distribution curve, while prices, incomes, permits, and population data are drawn from 2025 listing, Claritas, and U.S. Census sources.