Friday, January 27, 2023

How much do you need to earn to live “comfortably” in California?

loss Home costs increased by an average of 45.6% everywhere America, Over the past year, future buyers have had to adapt to new prices, despite the fact that their salaries in most cases have not improved.

This phenomenon started 12 months ago, when the demand for buying houses increased and so did the cost. In this sense the site redfin Conducted a study to find out how much a person looking to buy property in California should makeOne of the costliest states.

A potential buyer needs at least $200,000 per year to purchase a basic home in this state., according to research. However there are cities where even more is needed, up to almost double. taking into account the above The average monthly mortgage payment is $2,682.

To determine what the ideal salary is, redfin They also considered the monthly mortgage and cost of living at each site. The home prices listed below were based on sales data for the period October 2021 to October 2022.

You need to make at least $200,000 a year to buy a house in Californiaunsplash

The market is also governed by the location of the properties. For this reason, metros are one of the most essential and most expensive areas. redfin found that of the 100 largest metropolitan areas in North American countries, These eight are the least accessible.

1. San Francisco, California

2. San Jose, California

3. Anaheim, California

4. Oakland, California

5. Los Angeles, California

The Most Expensive Cities In California Are San Francisco, San Diego And Los Angeles
The most expensive cities in California are San Francisco, San Diego and Los Angelesunsplash

6. San Diego, California

7. Oxnard, California

8. Seattle, Washington

According to experts at Redfin, finding a home is becoming increasingly difficult. Because of both the prices and the lack of available housing, in the specific case of California, It has some of the costliest markets as citizens with high purchasing power also reside in those areas.

Nevertheless, US financial authorities constantly urge people to take care of their stability. also say not to spend more than 30% of your monthly income in mortgage, This will prevent a family from losing security and peace of mind in the pursuit of finding their home.

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Nation World News Desk
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