Salary needed to buy the median US home is now $76K - and the typical family cannot afford a house in 35 of country's 50 biggest cities
A family making the median national income can no longer afford the typical house in 35 of the country's 50 biggest cities, according to a new study.
Based on home price data from the first quarter of the year, the salary needed to afford the median US home stood at almost $76,000 - roughly $8,500 more than the typical household actually makes, according to an analysis from Visual Capitalism.
The study found that San Jose leads the nation in unaffordable homes, with the median home priced at $1,875,000, requiring a salary of at least $330,758 to afford the expected monthly payments of $7,718.
The top four markets for median home prices were all in California, with San Francisco, San Diego and Los Angeles following San Jose.
New York City ranked seventh on the list with a median home price of $578,100 requiring an annual salary of $129,458. The Big Apple ranked slightly below Boston, where an income of $130,203 is needed to afford the typical home price of $639,000.
Meanwhile, the median household income across the country stood at just $67,500, which would be enough to afford the typical home in only 15 of the cities on the list.
The average rent in the US is $2,000 a month. 15% of all renters are about to be evicted because they can't pay the rent. That was never a problem before the US became over crowded through legal and illegal immigration.