If I had a million (extra) dollars, I could buy a median home in the San Jose metro area...maybe.
Four of the nation’s five costliest housing markets are in California, with the Bay Area continuing to lead the pack.
As a result of these hefty price tags, Bay Area homebuyers need to earn the largest annual qualifying incomes in order to afford to purchase a property assuming a 20 percent down payment: $176,071 in San Jose and $146,401 in San Francisco.
Many say the market is overvalued by about 16% (see Fitch Ratings). Additionally, as technology stocks slide (Nasdaq is down 15% this year) high end buyers are likely to hold cautiously back, waiting to see where things go.
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