Expect to make about $500,000 to buy a home in Silicon Valley

[Fernando]

San Mateo becomes only county in California where you need to earn more than $500K annually to afford a median-priced home

$518,400 – that's how much you need to earn annually to afford a median-priced home in San Mateo County. In neighboring Santa Clara County, you need $468,000. Higher borrowing costs and a shortage of available homes for sale have brought California housing affordability to the lowest level in...

www.paloaltoonline.com

According to the Affordability Index report, San Mateo is the only county in the state where homebuyers need a qualifying minimum income of more than $500,000 to afford the market’s median-priced home of $1.938 million. In this market, only 17% of homebuyers could afford to purchase a home.

In Santa Clara County, which requires the second-highest minimum income to qualify for the market’s median-priced home of $1.75 million, only 18% of homebuyers could afford to purchase a home.

$518,400 – that’s how much you need to earn annually to afford a median-priced home in San Mateo County. In neighboring Santa Clara County, you need $468,000.

 

[Terrel L. Shields]

In this market, only 17% of homebuyers could afford to purchase a home.

Nationwide less than 1% of US workers make $500,000 or more.

 

[Fernando]

Nationwide less than 1% of US workers make $500,000 or more.

It's more than 1% when married couple combine their incomes.