If you are in the market for a home in California and you are making the median income, you are going to need to find some more money. A recent Zillow study revealed how much of a raise you would need to afford mortgage payments in 50 of the nation’s most popular metropolitan areas. Among those 50 cities were six California cities — and the housing markets are so hot in some of those that you would need to make at least $100,000 more than the median salary.
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Here is the raise needed over the median for you to afford a home in six of California’s most popular metros.
Raise needed to afford a typical mortgage payment (20% down): $251,597
Typical home value: $1,649,985
Typical mortgage payment: $8,619
Median income: $162,837
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Raise needed to afford a typical mortgage payment (20% down): $165,566
Typical home value: $1,165,757
Typical mortgage payment: $6,090
Median income: $135,311
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Raise needed to afford a typical mortgage payment (20% down): $149,375
Typical home value: $973,190
Typical mortgage payment: $5,084
Median income: $98,204
Raise needed to afford a typical mortgage payment (20% down): $128,954
Typical home value: $945,140
Typical mortgage payment: $4,937
Median income: $111,160
Raise needed to afford a typical mortgage payment (20% down): $60,685
Typical home value: $591,424
Typical mortgage payment: $3,090
Median income: $94,263
Raise needed to afford a typical mortgage payment (20% down): $53,660
Typical home value: $590,697
Typical mortgage payment: $3,086
Median income: $101,854
This article originally appeared on GOBankingRates.com: The Raise Needed To Afford a Home in California’s Most Popular Metros
