San Francisco

Prospective Home Buyers in San Jose, San Francisco Need to Earn Nation's Highest Salaries: Report

People living in two Bay Area metros have to earn (really) big bucks to afford the most expensive homes in the nation.

San Jose and San Francisco took first and second place, respectively, in HSH's study on the salaries needed to buy homes in the United States' 50 largest metros. 

The median home price in the heart of Silicon Valley is $1,165,000 and the annual income needed to buy property at such a steep price is comparably high at $216,181. 

In the city by the bay, people must earn $171,330 to purchase homes with a median price of $900,000, the report found. 

This, despite a drop in the median price of homes sold in the third quarter of 2017 as compared to the second quarter. San Jose home prices fell by 1.55 percent and San Francisco's by 5.26 percent. 

Year-over-year, however, HSH found that 34 of the 50 markets in question experienced significant gains in their median prices.

San Jose topped that list with a 16.5 percent hike and was followed by Seattle at 13.36 percent and Los Angeles at 10.06 percent. 

At the opposite end of the spectrum are Cleveland, Ohio, with an annual median price of $146,000 and necessary salary of $36,462, and Pittsburgh, Pa., with an annual median home price of $146,000, which means people have to earn $35,205.

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