CNBC posted an article showing the salary you would need to afford a home in the 15 largest cities. Four California cities made the top 5. The crazy part of the list is the difference between #1 and #15. See for yourself below!
1. San Francisco – The median home will cost you $3,858 per month in total monthly payments and you would need a salary of about $128,600 to afford it.
2. San Jose - The monthly home payments in San Jose are around $3,000 and you would need a salary of about $99,963 to afford it.
3. New York City - The average home will cost you $2,910 per month in total monthly payments and you would need a salary of about $99,963 to afford it.
4. Los Angeles - The monthly home payments for LA are around $2,317 and you would need a salary of about $77,000 to afford it.
5. San Diego - The monthly home payments in San Diego are around $2,274 and you would need a salary of about $75,816 to afford it.
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15. Indianapolis - The monthly home payments in Indianapolis are around $609 and you would need a salary of about $20,294 to afford it.
See the full list here.
-Bob & Coe