Homes in California’s Big Cities Cost 10 Times More Than Average Income

Published on July 10, 2024

Buying a home in California slid further out of reach for many residents in 2023, especially in larger metropolitan areas, according to a recent Harvard University housing study. The report found some of the highest disparity between wages and housing prices in Northern California. According to the report released June 20, the Silicon Valley cities of San Jose, Sunnyvale, and Santa Clara had a median home sales price 11 times higher than the area’s average annual wage of nearly $113,000 in 2023. Median home sales prices are determined by finding the midpoint of all sales, where half sold for more and half for less. The same was found at the coast in Santa Cruz and Watsonville, where 2023 housing prices were also 11 times higher than the average yearly wage of almost $68,000....

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