Anyone looking to own a home in San Jose will need to earn an income of $454,296 to comfortably afford a mortgage, according to a new Zillow analysis.
The report further confirms what many locals already know: Bay Area housing is expensive, really expensive.
In San Francisco, an income of $339,864 is needed to comfortably afford a mortgage in the city, according to Zillow.
The real estate marketplace company in its analysis found the income needed to comfortably afford a home is up 80% since 2020, while median income has risen 23% in that time.
Zillow in its report also provided the amount of years it would take for one to save a 10% down payment — 18.8 years in San Jose and 16 years in San Francisco.
While San Jose and San Francisco were the most expensive areas in Zillow’s analysis, Pittsburgh at $58,232 and Memphis at $69,976 featured the lowest incomes needed to comfortably afford mortgage in those respective markets.
View Zillow’s report on the income buyers need in today’s housing market.
