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October 5, 2019

You Need To Make $255k To Afford A Home In San Jose

It’s no surprise that Bay Area housing prices are some of the highest in the nation — and a new report shows how it’s getting even harder to afford a home in San Jose and San Francisco. A report out …

Those prices can vary widely depending on where you’re looking to buy. The median cost of a home in Buffalo, New York, is …

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But it’s still shocking to read a new report that says you need to make just over $343,000 in order to afford a median-priced home in San Francisco. The report was compiled by Compass but uses data …

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Although spending $9,000/month ($108,000 a year) on rent sounds expensive, it’s actually good value since you need to spend roughly 303X the monthly rent (25.25x annual rent) to buy my house at market price ~$2.7M.The 100X – 150x monthly rent rule gets blown out of the water. Even if you owned the .7m home outright, you’d still have to pay $33,000 a year in property taxes ($2.7M X 1.2% …

The San Jose area tops the nation with the highest income level needed, followed by the San Francisco region where homebuyers need to make $199,000 a year … where a salary of $38,000 a year can …

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