Buying a home in California coastal metropolitan areas takes twice the percentage of median income as in the United States overall, according to a new study by Zillow, the real estate statistical compiler.
In the first quarter of this year, paying the monthly mortgage for a home in San Diego County required 39.6 percent of household income, says Zillow.
By comparison, Americans overall only shelled out 20 percent of income to pay the monthly mortgage.
San Diego came in third among the 35 largest U.S. metropolitan areas. Los Angeles topped the list at 46.8 percent, San Francisco was second at 40.2 percent and San Jose, the center of Silicon Valley, was barely below San Diego at 39.3 percent. These coastal California percentages were up about 3 to 10 points from the 1985-2000 years.
MONTHLY MORTGAGE PAYMENTS AS PERCENT OF MEDIAN INCOME
First Quarter, 2017
- United States 20%
- Los Angeles metro 46.8%
- San Francisco metro 40.2%
- San Diego metro 39.6%
- San Jose metro 39.3%