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.
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.
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