Nearly 75% of American households believe the nation is experiencing a housing affordability crisis, according to a recent survey published on behalf of the National Association of Home Builders.

Affordability appears to be a significant issue for renters and prospecting homeowners.

So realtor.com wanted to find the locations where housing is the most unaffordable.

What they discovered was not necessarily the most expensive real estate markets. The focus of the report is on regions where residents are spending above 28% of their household income on a place to live.

As realtor.com warns: "that can be a perilous financial line to walk."

“The more you spend on housing the less you have to spend on other things you value and to fund your financial goals," says Roger Ma, a financial planner at Lifelaidout and New York City–based real estate agent.

The real estate listings website said some cities made the list because "foreign, out-of-state, and second- and third-home buyers" had inflated prices out of reach of the locals, many of whom are considered to be the poor working class. Other areas are popular with retirees, who have lower incomes or are living on savings. And less expensive places on the list are due to low, local wages and a lack of high-paying jobs.

To compute the findings, realtor.com examined median monthly housing costs in 500 metros to pinpoint the markets where residents are spending way too much on their homes. They did this by dividing the median monthly expenses for renters and homeowners by the median monthly household income.

realtor.com presents: America's Most Unaffordable Cities For Housing

Median list price: $895,800

Median monthly housing cost: $1,840

Median household income: $73,663

Share of income going toward housing*: 30%

Median list price: $385,100

Median monthly housing cost: $1,280

Median household income: $51,758

Share of income going toward housing: 29.7%

Median list price: $334,600

Median monthly housing cost: $918

Median household income: $40,705

Share of income going toward housing: 27.1%

Median list price: $240,000

Median monthly housing cost: $1,290

Median household income: $57,514

Share of income going toward housing: 26.9%

Median list price: $515,100

Median monthly housing cost: $1,588

Median household income: $72,205

Share of income going toward housing: 26.4%

Median list price: $928,800

Median monthly housing cost: $1,594

Median household income: $72,743

Share of income going toward housing: 26.3%

Median list price: $203,300

Median monthly housing cost: $1,028

Median household income: $48,162

Share of income going toward housing: 25.6%

Median list price: $415,000

Median monthly housing cost: $1,203

Median household income: $56,419

Share of income going toward housing: 25.6%

Median list price: $525,00

Median monthly housing cost: $1,411

Median household income: $68,048

Share of income going toward housing: 24.9%

Median list price: $347,100

Median monthly housing cost: $1,012

Median household income: $49,341

Share of income going toward housing: 24.6%

Housing is vital to the economic health of the country. This new report should serve as a wake-up call to lawmakers at all levels of government to ease regulatory burdens that drive up the cost of housing and enact sensible policies that will promote affordable living.