It’s no secret: California is expensive.
The median price for a home there is more than $540,000.
Still, though they must contend with some of the most expensive real-estate prices in the country, Californians say their top financial stressor isn’t housing.
It’s the cost of living overall.
How much money do you need to buy a house in California?
The median sales price for homes in California – the middle-priced home in a ranked list – was $393,000 in January 2015, according to real estate tracking firm Zillow.com. A household would need to make about $78,000 a year to reasonably afford a home at that price, assuming a 20 percent down payment.
How much do you need to make to afford a 500k house?
The general rule of thumb: Mortgage payments should not exceed 28% of your monthly take-home pay, says Derrick. So, if you take home $9,000 a month, your mortgage payments should be no more than $2,520. Another way to look at it: The house shouldn’t cost more than two and a half times your annual salary.
How much money do you need to make to buy a house in San Diego?
SAN DIEGO (KGTV) — A new report from the California Association of Realtors shows how much San Diegans need to make to buy a home. According to the report, you’ll need to make well over $120,000 to qualify for a home loan. $126,270 to be exact. And that’s the minimum qualification.
Why is California so expensive?
Why California is so expensive: It’s not just the weather, it’s the regulation. The state of California has some of the most expensive housing in the country. He finds that it’s down to how land use is regulated; each new land-use regulation reduces a Californian city’s housing supply by 0.2 percent per year.
What is a living wage in California?
California’s $15 An Hour Isn’t The Right Minimum Wage For California. Thus the minimum wage must be high enough to ensure that if you work 2080 hours a year then you will not be in poverty. Sometimes this is phrased as being all businesses should pay a living wage.
How can I get money for a downpayment on a house?
9 unconventional (but practical) ways to save money for a down payment
- Pay off your credit card balances in full.
- Take advantage of special programs.
- Borrow from your retirement accounts.
- Use gift funds.
- Get a second job.
- Cash in your savings bonds.
- Melt down your gold jewelry.
Photo in the article by “Flickr”