"A homebuyer hoping to afford a median-priced home in the San Jose metro region must earn 54% more than was needed six years ago - an income of $370,000."
"The median listing price in that time has jumped 24% to $1.4 million from $1.13 million, making it increasingly difficult for potential buyers."
"As of this week, the average rate on a 30-year fixed-rate mortgage was 6.81% - versus 4.2% in April 2019, exacerbating home affordability challenges."
"Nationally, the income required to afford the typical home has risen $47,000 to $114,000 - a 70% increase from 2019 to 2025."
The affordability of homes in the Bay Area continues to decline, with a new study revealing that incomes required to purchase median-priced homes have surged. In San Jose, a homebuyer now needs to earn $370,000 annuallyâ54% more than in 2019âwhile in San Francisco, $263,000 is required. The significant rise in necessary income is largely due to increasing mortgage rates, which have reached an average of 6.81%. While home prices have risen, the growth in required salaries is outpacing wage increases, contributing to the ongoing affordability crisis.
Read at The Mercury News
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