"The report by ConsumerAffairs found buyers in the San Jose-Sunnyvale-Santa Clara metropolitan area need an annual income of $501,012 to purchase a typical home with a 10% down payment while keeping monthly housing costs within the commonly recommended 28% threshold of gross income."
"The findings highlight the continuing affordability crisis across California, which accounted for nine of the nation's 10 most income-restrictive housing markets for the second consecutive year."
"Using Zillow mortgage estimates, which incorporate a 10% down payment, current mortgage rates, taxes and insurance, monthly payments on these homes far exceed what typical incomes in the region can support under the 28% affordability rule."
The San Jose-Sunnyvale-Santa Clara metropolitan area requires an annual income of $501,012 to purchase a typical home with a 10% down payment. This area is the most expensive housing market in the U.S., surpassing the San Francisco metro area, which requires $358,090. California continues to face an affordability crisis, with nine of the ten most income-restrictive housing markets located in the state. In Palo Alto, median home prices exceed $3 million, necessitating an annual income of approximately $999,000 to meet the 28% affordability rule.
Read at San Jose Spotlight
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