One of the most important decisions people make in their lifetime is to buy a home. Most people start out by renting and when they are finally able to purchase property, it can be a very exciting time in life. Experts agree that housing should only consume 30% of your salary. However, as the desire for young people to to buy homes increases, so does the cost of living. More major cities around the country are becoming less affordable and more expensive. Here are some of the most expensive housing markets in the country.
San Francisco, CA
As Silicon Valley became the hub for startups and tech companies, the competitive drive for people to settle there rose immensely. Though San Fran has always been a popular city for young people to move to, the expensive lifestyle can thank the technology industry. For those moving to the city, hopefully you’ve got a great job lined up. The average salary for those wanting to purchase a home rests around $150,00/year. This number, based on the previously mentioned statistic, means that the average cost of a single family home sells for over $800,000 in the Bay Area.
San Jose, CA
A shock to many, but the city surrounded by rolling hills is currently the most expensive housing market in the country. Also located in Silicon Valley, San Jose has boomed with job opportunities for those in tech over the past decade. If you want to bunker down in San Jose, be prepared to have a pretty significant mortgage payment each month. The average cost of a house goes for a little over $1 million. This being said, those wanting to buy property rather than rent should be someone who makes around $180,000/year.
Most of the hot housing markets are in California. There are a few places around the country that have risen in cost but most have always been top contenders. Boulder has become a location that many Californians flock too when they are ready to leave the pricey areas of the state. With a smaller population than most of the other cities on this list, Boulder offers residents with plenty of outdoor activities. For those planting their roots in Colorado, your average salary should fall around $90,000/year because a single family home will cost about $500,000.