Ever wondered how much money you need to make to buy a home in San Jose? A recently published article by Visual Capitalist provided a map showing how much you need to earn in 50 American cities. They used May 2023 data tabulated by Home Sweet Home to map out the annual salary needed to afford a 30-year mortgage (at a 6.37% interest rate) in America’s 50 most populous metropolitan areas.
Topping the list as the most unattainable city for the average American is SAN JOSE, CA! To own a home in our very own backyard, they estimate one would need to earn a staggering minimum of $374,000 annually to afford a $1.6 million home. To put this in perspective, the median annual income for the average American is $75,000, which is a mere one-fifth of what is required to make homeownership in San Jose a reality.
The following list ranks the annual earnings needed to secure a home in the top 10 most expensive cities, from the least to the most affordable.
See original article: What You Need to Earn to Own a Home in 50 American Cities