A household must earn over $500,000 annually to afford a typical home in the San Jose metro area, the most expensive housing market in the U.S. The San Francisco and Santa Cruz metros follow, requiring incomes above $350,000. Median home prices in Midpeninsula cities exceed $2 million, with some requiring incomes over $1 million. Nationwide, the income needed to buy a home has risen 82.8% since 2020, now at $120,796, far above the median U.S. income.

Continue to full article