Cooling home price appreciation and growing wages may seem like good signs for house hunters, but home affordability still plunged to a more than 10-year low, according to Attom Data Solutions.

Nationwide, Attom's Home Affordability Index flopped to a reading of 91 in the fourth quarter, down 15% from a year ago and the lowest level since the third quarter of 2008. An index value under 100 indicates home prices are less affordable than the historic average, according to Attom.

What's more, many local markets are faring even worse than the national landscape. While it's true that many markets are seeing a slowing of home price gains as available inventory becomes more plentiful, many cities are treading close to housing bubble territory as price appreciation continues to outpace local wage growth.

With home affordability at a 10-year low across the nation, here's a look at the 12 cities most in danger of a housing bubble in 2019. The analysis, based on Attom data, evaluates counties with a minimum population of 100,000, at least 100 quarterly home sales and a median sales price above the national rate of $241,250. Counties are ranked by the gap between the annual increase in home prices and wages. Ties were broken by the lowest Affordability Index Value.
NMN022119-Affordability-Housing-Bubble

No. 12: Hilton Head Island-Bluffton-Beaufort, S.C. (Beaufort County)

Median sales price: $306,750 (10%)
Annual wages: $38,649 (-1%)
Gap between growth in home prices and wages: 11 percentage points
Affordability Index: 95
NMN022119-hilton-head.jpeg
Friederike Jahnel/FotoRike - stock.adobe.com

No. 11: Ogden-Clearfield, Utah (Weber County and Davis County)

Weber County:
Median sales price: $244,200 (13%)
Annual wages: $41,444 (2%)
Gap between growth in home prices and wages: 11 percentage points
Affordability Index: 77

Davis County:
Median sales price: $314,688 (13%)
Annual wages: $44,863 (3%)
Gap between growth in home prices and wages: 11 percentage points
Affordability Index: 81
NMN022119-ogden.jpeg
Jenny Thompson - stock.adobe.com

No. 10: Las Vegas-Henderson-Paradise, Nev. (Clark County)

Median sales price: $270,000 (13%)
Annual wages: $48,386 (2%)
Gap between growth in home prices and wages: 11 percentage points
Affordability Index: 82
NMN022119-las-vegas.jpg
Famous Las Vegas sign on bright sunny day
Elnur Amikishiyev/Elnur - Fotolia

No. 9: Midland, Texas (Midland County)

Median sales price: $291,000 (16%)
Annual wages: $71,643 (6%)
Gap between growth in home prices and wages: 11 percentage points
Affordability Index: 82
NMN022119-midland-odessa.jpg
Rex Wholster - stock.adobe.com

No. 8: Minneapolis-St. Paul-Bloomington, Minn.-Wis. (Scott County)

Median sales price: $285,000 (13%)
Annual wages: $48,880 (1%)
Gap between growth in home prices and wages: 12 percentage points
Affordability Index: 88
NMN022119-minneapolis.jpeg
/rasilja - stock.adobe.com

No. 7: Ann Arbor, Mich. (Washtenaw County)

Median sales price: $259,000 (14%)
Annual wages: $58,409 (2%)
Gap between growth in home prices and wages: 12 percentage points
Affordability Index: 83
NMN022119-ann-arbor.jpeg
SNEHIT - stock.adobe.com

No. 6: Washington-Arlington-Alexandria, D.C.-Va.-Md.-W.V. (Stafford County)

Median sales price: $354,950 (15%)
Annual wages: $51,389 (2%)
Gap between growth in home prices and wages: 12 percentage points
Affordability Index: 96
NMN022119-washington-dc.jpeg
Washington DC aerial view with capitol hill building and street
rabbit75_fot - stock.adobe.com

No. 5: Providence-Warwick, R.I.-Mass. (Kent County)

Median sales price: $245,000 (14%)
Annual wages: $48,035 (1%)
Gap between growth in home prices and wages: 13 percentage points
Affordability Index: 95
NMN022119-providence.jpg
Providence, Rhode Island. City view in New England region of the United States.
Marek SLUSARCZYK/Tupungato - stock.adobe.com

No. 4: Hilo, Hawaii (Hawaii County)

Median sales price: $366,971 (15%)
Annual wages: $43,342 (2%)
Gap between growth in home prices and wages: 13 percentage points
Affordability Index: 85
NMN022119-hilo.jpeg
Shot this beautiful image of Hilo on my return trip from the lava fields. I highly recommend Paradise Helicopters of Hawai'i if you ever want to take a great helicopter tour
Traylor Photography/Ben - stock.adobe.com

No. 3: Mount Vernon-Anacortes, Wash. (Skagit County)

Median sales price: $338,000 (19%)
Annual wages: $48,256 (5%)
Gap between growth in home prices and wages: 13 percentage points
Affordability Index: 86
NMN022119-anacortes-wa.jpeg
The fog is just starting to clear late morning in Anacortes, Washington
Christopher Boswell/Christopher Boswell - stock.adobe.com

No. 2: Columbus, Ohio (Delaware County)

Median sales price: $284,900 (17%)
Annual wages: $54,444 (2%)
Gap between growth in home prices and wages: 15 percentage points
Affordability Index: 87
NMN022119-columbus.jpg
Columbus, Ohio beyond The Ohio State University
aceshot - stock.adobe.com

No. 1: Flagstaff, Ariz. (Coconino County)

Median sales price: $340,000 (19%)
Annual wages: $42,653 (2%)
Gap between growth in home prices and wages: 17 percentage points
Affordability Index: 87
NMN022119-flagstaff.jpeg
landscape with Humphreys Peak Tallest in Arizona
digidreamgrafix - stock.adobe.com
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