This is the salary you need to afford a home in California

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This is the salary you need to afford a home in different states across the Country. | Image Contributed.

California State

Alexa Mae Asperin | Contributed

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.

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.

California is the most expensive state to live in. | Contributed Photo/Getty Images.

Here are the salaries needed to comfortably afford a home in California’s largest metros:

San Jose

Median Home Price: $1.88M

Salary Needed: $330.76K

San Francisco

Median Home Price: $1.38M

Salary Needed: $249.69K

San Diego

Median Home Price: $905K

Salary Needed: $166.83K

Los Angeles

Median Home Price: $792.5K

Salary Needed: $149.13K

Riverside/San Bernardino

Median Home Price: $560K

Salary Needed: $106.19K

Sacramento

Median Home Price: $545K

Salary Needed: $105.93K

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.

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.

Find your latest news here at the Hemet & San Jacinto Chronicle

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