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

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HOUSE SILICON VALLEY

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 HSH.com.

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. 

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