This is the salary you need to afford a home in California
By Alexa Mae AsperinPublished August 8, 2022Updated 8:47AMCaliforniaFOX 11
California’s real estate market continues to be extremely competitive
FOX 11’s Hailey Winslow was in Mission Viejo as the demand for homes remain extremely high across Orange County.
LOS ANGELES – It is cheap to live in California – said no one ever.
The Golden State is notorious for its exorbitant housing prices up and down the coast – from San Francisco down to San Diego – it isn’t a surprise to see houses for sale triple the amount than in other parts of the country.
Just how expensive is it?
Visual Capitalist used data from Home Sweet Home to analyze the salary one needs to earn in order to buy a home in America’s 50 biggest metros.
RELATED COVERAGE: This is how much money you need to make to be happy living in California, survey finds
According to the data, the median home price in the U.S. is around $370,000. That means the average person would need to earn around $76,000 to consider comfortably purchasing a home in the U.S.
But that does not apply to some states like California, where cities like Los Angeles, San Diego, San Jose, and San Francisco are the most expensive cities in the country.
The highest median home prices in the U.S. can be found in San Jose, where you’d need to earn around $337,000. The data revealed the monthly mortgage payment in San Jose for the median home is $7,718.
RELATED COVERAGE: Despite high rent, it’s still cheaper than buying a home – except in these cities
Here are the salaries needed to comfortably afford a home in California’s largest metros:
Median Home Price: $1.88M
Salary Needed: $330.76K
Median Home Price: $1.38M
Salary Needed: $249.69K
Median Home Price: $905K
Salary Needed: $166.83K
Median Home Price: $792.5K
Salary Needed: $149.13K
Median Home Price: $560K
Salary Needed: $106.19K
Median Home Price: $545K
Salary Needed: $105.93K
You can see how other major cities like New York, Boston, and Seattle ranked by tapping or clicking here.
If you’re thinking that renting may be a cheaper option versus owning in California, think again.
The Out of Reach report from the National Low Income Housing Coalition revealed Californians are among those who have it the worst.
RELATED COVERAGE: This is how much money you need to make per hour to afford rent in California
According to the report, the average Californian needs to earn an hourly wage of $39.01 and work full-time to afford a two-bedroom apartment.
For more on that report, tap or click here.