In California, the median income isn’t enough to afford a home in the state’s hottest markets. A Zillow study shows you’d need a raise of at least $100,000 to make mortgage payments in six California cities. Find out the specific raise needed in the most popular metros.
In San Francisco, the typical mortgage payment requires a $251,597 raise above the median income. The average home value is $1,649,985, with a mortgage payment of $8,619. The median income is $162,837.
In Los Angeles, a $165,566 raise is needed to afford the typical mortgage payment. The average home value is $1,165,757, with a mortgage payment of $6,090. The median income is $135,311.
In San Diego, a $149,375 raise is needed to afford the typical mortgage payment. The average home value is $973,190, with a mortgage payment of $5,084. The median income is $98,204.
In San Jose, a $128,954 raise is needed to afford the typical mortgage payment. The average home value is $945,140, with a mortgage payment of $4,937. The median income is $111,160.
In Sacramento, a $60,685 raise is needed to afford the typical mortgage payment. The average home value is $591,424, with a mortgage payment of $3,090. The median income is $94,263.
In Riverside, a $53,660 raise is needed to afford the typical mortgage payment. The average home value is $590,697, with a mortgage payment of $3,086. The median income is $101,854.
Read more at Yahoo Finance: The Raise Needed To Afford a Home in California’s Most Popular Metros
