Anyone looking to own a home in San Jose will need to earn an income of $455,296 to comfortably pay a mortgage, according to a new Zillow analytics.
The report further confirmed what many locals already know: housing in the Bay Area is expensive, really expensive.
In San Francisco, an income of $339,864 is needed to comfortably pay a mortgage in the city, according to Zillow.
The real estate market company in your analysis found that the income needed to comfortably afford a home has increased 80% since 2020, while the median income has increased 23% in that time.
Zillow in its report also provided the number of years it would take a person to save a 10% down payment: 18.8 years in San Jose and 16 years in San Francisco.
While San Jose and San Francisco were the most expensive areas in Zillow’s analysis, Pittsburgh at $58,232 and Memphis at $69,976 had the lowest income needed to comfortably afford a mortgage in those respective markets.
2024-03-11 23:20:42
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