This is how much money you need to make to buy a home in LA
LOS ANGELES - If you're not making six figures, you can kiss your dream of buying a home in Los Angeles - or most other California cities, for that matter - goodbye.
That's because you apparently need to earn at least $200,000 or more to become a homeowner in Los Angeles or really any other major city in California, according to a new analysis by real estate company Redfin.
That number has increased from last year, according to the analysis, when your salary needed to be closer to $74,000.
The median home price in LA is $823,500. That means an annual income of $221,592 would be needed to afford your mortgage in the City of Angels.
Anaheim actually ranked more expensive than LA in this study. Here in the home to Disneyland, you'll need to earn $254,286 to afford the typical monthly mortgage of $6,357.
San Diego is a bit cheaper but not by much. There, the median home price is $790,000, and you'd need to make around $212,577.
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Other California cities to make the list were Anaheim, Bakersfield, Fresno, Riverside, and Oxnard in Southern California.
Now which city is the most costly place to purchase a home? Look a little further up north to San Francisco in the Bay Area, where you'll need an annual income of $402,821 to afford a median-price home.
Nationwide, the average U.S. homebuyer needs to dish out about $107,000 a year to afford a monthly median mortgage payment of about $2,700.
The most affordable, budget-friendly city for homebuyers in America turned out to be Detroit, Michigan. There, the required income for a median-priced home is $48,435.
To get these results, Redfin compared median monthly mortgage payments in Oct. 2022 and Oct. 2021.
To see the full study, tap or click here.