With the rise in housing prices in the United States in recent years, coupled with the rise in mortgage interest rates, housing prices in the United States have exceeded the affordability of ordinary people. According to the latest data from the American Association of Realtors, Sunstone found that in some California cities, households need to earn more than $200,000 a year to afford a local mid-priced property.
The American Association of Realtors surveyed the affordability of housing prices in 221 urban agglomerations across the United States, assuming a 20% down payment, 7.12% mortgage interest rate, and 25% of the monthly household income. According to their survey, eight of the top 10 households with income requirements for affordable local mid-priced properties are in California, and they are:
Sun Sitao
San Jose-Sunnyvale-Santa Clara, Northern California Bay Area, $482,835;
Anaheim-Santa Ana-Irvine, Orange County, Southern California, $340,595 required income;
San Francisco-Oakland-Hayward, Bay Area, Northern California, $339,290;
San Diego-Carlsbad, Southern California, $255,381;
Salinas, Calif., income required: $246,716;
Oxnard-Thousand Oaks-Ventura, Southern California, required income: $240,504;
Los Angeles-Long Beach-Glendale, Los Angeles County, Southern California, $234,266;
San Luis Obispo Paso Robles, CA, income required: $232,257.