Three California cities require the highest salaries in the US to afford a home
We all know San Francisco is one of the most expensive places to live, but what about the rest of California?
A recent study shows three California cities (including SF, of course) are more expensive than all other U.S. cities — including New York — when it comes to median home prices and how much you need to make to afford a home.
Mortgage research company HSH.com's study looks at the median home prices in major U.S. cities, as well as 30-year fixed mortgage rates and the salary needed to purchase a home in these cities.
Unsurprisingly, San Francisco has the highest median home price in the country at $837,500. The salary needed to purchase an SF home is $160,589.84, and the 30-year fixed mortgage rate is 4.10%.
But No. 2 didn't go to New York. San Diego and Los Angeles had the next highest median home prices, at $593,000 and $503,400 respectively.