You need to make at least $255,000 to own a home in Silicon Valley, report says


Looking to buy a home in Silicon Valley? If so, you need to be earning some serious dough.

Just how much? Try at least $255,000. 

That’s according to a new report from mortgage data provider

According to the report, San Jose ranks No. 1 in the nation with the highest income level needed to own a home. 

San Francisco trails behind, with homeowners needing to earn $199,000 a year. 

The report takes into account if prospective buyers put down 20 percent, and included principal, interest, taxes, and insurance payments on a median-priced home.

Here are the report’s stats on San Jose:

  • Mortgage Rate: 4.98 percent
  • Home Price: $1,250,000
  • Monthly Payment: $5,946.17

Here are the stats on San Francisco:

  • Mortgage Rate: 4.98 percent
  • Home Price: $952,200
  • Monthly Payment: $4,642.82

The national average salary needed to own a home was $61,453.51 

Here’s the salary needed in the top 5 metros to own a home: 

1. San Jose: $254,835.73

2. San Francisco: $198,978.01

3. San Diego: $198,978.01

4. Los Angeles: $123,156.01

5. Boston: $106,789.93

>> Click here to see the full study and see national data for all 50 metros. 



Copyright 2019 Nexstar Broadcasting, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.

Trending Stories

Latest News

More News