The Most Expensive Cities In America To Live In

Thanks to new research from ConsumerAffairs, we know the most expensive U.S. cities for homeowners.

• It analyzes Zillow cost data and uses the 28% rule to determine the yearly income needed to afford the typical home in the 200 largest metro areas in the U.S.
• According to the research, California dominates U.S. housing costs, it’s home to nine of the 10 priciest cities.
• Topping the list is San Jose, where that monthly cost for owning a home is $11,690.
• Buyers in the city need to earn over $501-thousand ($501,012) a year to afford a typical property. That’s far more than the city’s actual median household income of $164,801, like 204% more.
• But the median home price in Silicon Valley city is more than $1.55-million, so most residents can’t afford to own a home there.
• San Jose’s neighbor, San Francisco, is the second most expensive with a monthly housing cost of $8,355. Buyers there need to make $358,092 a year to afford a home.
• The only city in the top 10 that’s not in California is Honolulu, which is 10th.

The 10 Most Expensive Metro Areas in the US for Homeowners (and their average monthly costs)

1. San Jose: $11,690
2. San Francisco: $8,355
3. Santa Cruz: $8,283
4. Santa Maria: $7,129
5. Los Angeles: $7,029
6. San Diego: $6,851
7. San Luis Obispo: $6,547
8. Oxnard: $6,459
9. Salinas: $6,123
10. Honolulu, Hawaii: $5,957⠀

Source: NY Post