To purchase a home in certain California cities, an annual income exceeding $200,000 is a must, as per the latest findings of the National Association of Realtors.
San Jose leads in a survey of 221 metro areas across the U.S. For a median-priced home in San Jose, you need to earn $482,835 annually, the NAR report indicates.
This report calculates the necessary income in different cities, factoring in elements like a 20% down payment and a 7.12% interest rate.
The assumption is that housing payments should not exceed 25% of a family’s monthly income.
The top 11 metro areas requiring an annual income of more than $200,000 for a median-priced house include:
- San Jose-Sunnyvale-Santa Clara, CA: $482,835
- Anaheim-Santa Ana-Irvine, CA: $340,595
- San Francisco-Oakland-Hayward, CA: $339,290
- Honolulu, HI: $277,147
- San Diego-Carlsbad, CA: $255,381
Do you live in one of these areas? Click here to access the full list.
