From Silicon Valley to San Diego, the Golden State boasts nine of the 10 most expensive metropolitan areas in the US for homeowners, a new report revealed.
San Jose landed in the top spot, followed by San Francisco at No. 2 and Los Angeles at No. 5.
An analysis fromConsumerAffairsexamined monthly home payments across 200 of the nation’s largest metro areas to determine the income needed to afford a home in each location.
In San Jose, that monthly cost came out to a staggering $11,690 — making it by far the the most expensive US metro for homeowners for the second year in a row.
Buyers now need to earn an eye-popping $501,012 in annual income to afford a typical property.
That figure dwarfs the city’s actual median household income of $164,801, exceeding it by a massive 204%, according to the report. It also far surpasses the national median household income of $81,604.
With a median home price of more than $1.55 million, ownership in the Silicon Valley city remains out of reach for most residents.
Nearby San Francisco ranked the second most expensive, with monthly housing costs at $8,355 and buyers needing to earn $358,090 annually to afford a home there, the analysis found.
In Los Angeles, monthly costs averaged $7,029, with buyers needing to earn $301,221.
The 10 most expensive metro areas in the US and their average monthly costs:
Source: California Post – Breaking California News, Photos & Videos
