Homeownership in the largest U.S. cities has been put further out of reach for all but the richest residents, according to a recent analysis by mortgage analytics firm HSH.
A household needs to earn $463,887 to afford a median-priced home in San Jose, California, making it the most expensive of the 50 largest U.S. cities.
The estimate assumes no more than 28% of gross income spent on housing costs and a down payment of 20%, plus an average mortgage rate of 7.16% for borrowers with a good or excellent credit score.
A longstanding shortage of homes is another factor that's particularly acute in California, which helps explain why median home prices in some of the state's cities, such as San Jose, are twice the national median of $412,300, per U.S. Census data.
Here's a look at the 15 most expensive cities to afford a home, based on the income needed to buy a median-priced property in that market.
Locations:
San Jose , California, U.S, California, San Jose