Many Californians find homeownership unattainable due to steady mortgage rates and rising home prices. San Jose requires an income of $547,368 to afford an average home. This amount exceeds three times the city's median household income, resulting in a monthly payment of $12,772 with a 10% down payment. San Francisco necessitates $386,359 for homeownership. Smaller cities like Santa Cruz and Santa Maria also show alarming income requirements, with $377,260 and $324,300 respectively, reflecting a statewide crisis in housing affordability.
The staggering income required to afford a home in California highlights the challenges of homeownership, with San Jose leading at over $547,368 needed for an average home.
San Francisco follows closely, requiring a significant income of $386,359, as prices remain high despite fluctuating market conditions.
Collection
[
|
...
]