Buying a home used to be part of the American dream. It lets you build equity over the years, gives you a significant financial asset, and provides a pride of ownership or investment in the surrounding community. The problem is that in some cities, workers must earn hundreds of thousands of dollars to afford an average-sized home.
Top 10 Cities Where You Need to Earn the Most to Afford a Median-priced House
1. San Jose, CA: $274,623
2. San Francisco, CA: $213,727
3. San Diego, CA: $130,986
4. Los Angeles, CA: $114,908
5. Boston, MA: $109,411
6. Seattle, WA: $109,275
7. New York City, NY: $103,235
8. Washington, DC: $96,144
9. Denver, CO: $93,263
10. Portland, OR: $85,369
By Abby Hamblin, The San Diego Union-Tribune
California was given a first-place title this week that it surely doesn’t want.
It has the highest rate of poverty of any state in the country, according to new data from the U.S. Census Bureau.
As a whole, the U.S. saw its national poverty rate decrease slightly 0.4 percentage points. But the Golden State has its own unique poverty story to tell.
Here’s what you should know.