SF Gate: Three California Cities Require the Highest Salaries in the US to Afford a Home

SF Gate: Three California Cities Require the Highest Salaries in the US to Afford a Home
March 24, 2017 Peter

Los Angeles: $503,40030-year fixed mortgage rate: 3.97%Monthly payment: $2,294.02Salary needed: $98,315.22 Photo: GettyWe 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. 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.

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