For millions of Americans, the dream of homeownership is becoming increasingly elusive — and in California, the financial barrier is especially high.
A new analysis of housing affordability reveals that the income needed to buy a typical home has soared to nearly $125,000 nationwide — far above the U.S. median household income of $77,719. In California’s most expensive cities, that figure is more than double, and in some cases, more than quadruple.
In San Jose, home to the tech hubs of Silicon Valley, a household needs to earn $547,368 annually to afford a median-priced home, according to a joint analysis by ConsumerAffairs and the Urban Institute…