Housing affordability has been on the decline this year, but by how much? And what will affordability look like when rates increase?

It’s been an interesting year in the world of housing affordability.

Record low mortgage rates and competitively priced homes produced some of the most affordable housing conditions in decades, but with rates on the rise since May and home prices surging, affordability has taken a bit of a tumble.

Emilio Palomo, the owner/broker of Riteway Properties III in Miami, said rising home prices and mortgage rates will continue to threaten housing affordability.

“Affordability is going to be less and less as long as these prices keep going up,” Palomo said, adding that interest rate increases have a particular affect on the low-end market. “When you’re talking about the low-end market, a $20 or $30 monthly increase makes a difference for a lot of people.”

But how far, really, has affordability fallen, relative to years past? And what will the affordability situation look like as interest rates inevitably rise to 5, 6, even 7 percent? To find out, we took a look at some interesting new data from Zillow, which compared affordability levels in some of the nation’s top housing markets.

What did we find? See our infographic below for an idea: