“A 6-figure income may not be enough to buy a house in San Francisco. California“– Paul Ebeling
The most expensive city in the US to buy a house is San Francisco, where homebuyers need a $206,760 income to live comfortably and buy a house.
California is the most expensive to own a home and live. A lot of factors go into how expensive it is to live in a certain state, like state taxes. Seattle is 1 of the most expensive locations, with a recommended income of $112,570 before buying a home, the median household income in Seattle is $102,586.
The most affordable places to buy a house is Jackson, Mississippi, where homebuyers need just a $44,129 income a year to buy a house and keep up with other living costs, according to an analysis of Zillow (NASDAQ:Z).
In Birmingham, Alabama like Jackson, Mississippi homes typically cost less than $70,000 and living expenses are low that means that residents need to make less than $49,000 to live comfortably and own a home.
Many of the affordable areas are in the Southeast; Alabama, Tennessee, Georgia, South Carolina. In Tennessee, they do not have high taxes, so it is cheaper to buy a property.
“Keeping their salary in mind, this can give people an idea whether it will always be difficult [to make housing payments with cost of living]. Prospective homeowners can look at other options [locations] and find a place to work that is going to be more comfortable for their finances,” said a mortgage study author.
The China Act of War Virus opened many options for people because businesses are shifting to be more remote-work friendly. Many people can move to a cheaper area while still working where they want to work.
In September US home prices were Y-Y, selling for a median $350,000 in according to the data. But because low mortgage rates have increased purchasing power, homes are about 4.8% more attainable relative to income than they were last year.
Plus, affordability has increased by 10-15% in most cities, and low interest rates are driving the market.
The Why of San Francisco:“As most of us know, San Francisco is known the world over for its beauty, its open-mindedness and iconic sites like its picturesque Golden Gate Bridge, painted homes, Chinese village, Fisherman’s Wharf and Alcatraz, not to mention its charming cable cars. But there’s so much more to this storied city than just its most recognizable features, incredible as they may be. It is a cultural and financial center of the western United States and one of the country’s most cosmopolitan cities.
“Unknown to most people, it is only the fourth largest city by population in California with population over 0.87 million that accounts for 2.2% of the state population. In terms of density, the city is also It is the most densely populated major city in California because of its hilly environment and surprisingly, the second most densely populated major city in the United States, only after New York City.
“San Francisco, just north of one of America’s most technological business environments (Silicon Valley), also holds a secure place in the United States as a romantic dream unto itself—a cool, elegant, handsome, worldly seaport whose steep streets offer breathtaking views of one of the world’s greatest bays.
“According to the dream, San Franciscans are sophisticates whose lives hold full measures of such civilized pleasures as museums, music, art, and good food plus several well recognized sports teams.
“Yes, San Francisco is what it is – with everyone’s desires to visit or live there, and as such holds a special place of dreams in the hearts of Americans,” says Bruce WD Barren, a well traveled individual, both domestically and internationally, and editorial contributor to Live Trading News.
Have a healthy week, Keep the Faith!