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This is the income you need to afford a $500,000 home in California [Yahoo! Finance]
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To determine the income you need to afford a $500,000 home in every state, GOBankingRates compiled data from Federal Reserve Economic Research (6.90%). The property taxes for each state were also collected and sourced from the Tax Foundation. In California, the minimum income needed for a 20% down payment of a $500,000 home is $117,876. That comes out to a monthly mortgage payment of $2,947. You can see how other states compare by tapping or clicking here. SUGGESTED: Here's every California county's median household income California giving away up to $150,000 for first-time homebuyers This is the best place in California to live on a $100,000 salary The 5 cheapest and 5 priciest states to buy a home in 2024, according to study Don't forget - if you're a prospective first-time homebuyer in California, applications are now being accepted for the California Dream For All Shared Appreciation loan program , which gives eligible individuals 20% of the home's cost to help wit
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