But it's not San Francisco.
Renters must earn $54 per hour — or $111,680 per year — to afford the average monthly effective rent for a 2-bedroom apartment, San Jose’s housing market update for the fourth quarter of 2021 said.
Meanwhile, buyers must earn $123 per hour, amounting to $255,635 per year, to lock down a median-priced single-family home in San Jose. The report says that by October 2021, the average effective rent was $2,515 and a median family home cost $1,475,000. And according to the latest reporting from KRON4, it’s becoming even more prohibitively expensive to live in the South Bay tech haven.
This week, KRON4 reported the average rent in San Jose is more than $3,000 — nearly $500 more than the average listed in the city’s report on 2021 figures., which aggregates data from Redfin, found that 75.5% of homes in the San Jose, Sunnyvale and Santa Clara area sold for above asking price, with the average sale price landing at $1,344,928 and most houses selling in just two weeks. Year over year, the average price of a home rose 13.
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