A recent report from property data provider ATTOM found prospective buyers needed a minimum salary of $75,000 to afford a home in roughly half of all U.S. housing markets at the current median price of $440,300. In some markets, however, a much higher income is needed to afford a home purchase.
In Manhattan County, N.Y., for example, prospective buyers need to earn more than $383,062 annually to afford the area’s average $1,199,964 home value, which is actually down 6.3% year-over-year, according to CNBC.
San Mateo county in California is ranked second on the list.
San Mateo County is in the middle of a continuous urban area stretching from San Jose (Santa Clara County) in the south to San Francisco County in the north, according to the Employment Development Department of California.
In May 2023, San Mateo County home prices were down 8.2% compared to last year, selling for a median price of $1.6 million, according to Redfin.
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