It's Now $19K More Expensive To Buy A San Jose Home

SAN JOSE, CA -- San Jose is the most expensive metropolitan city in the U.S. The city topped the charts when it came to real estate, according to the latest quarterly report by HSH.com.

The mortgage resource site found that the average price of a home in San Jose was $1.27 million, up by $19,465 compared to last quarter. The year-over-year change stood at 24.5 percent.

HSH estimates that the average mortgage is $5,498 with the average salary standing at $235,646.

"If homebuyers in the San Jose metro put 10 percent down instead of 20 percent, the required salary increases from $235,646.36 to $278,971.09," HSH estimates.

Home prices may soar as supply continues to be low.

"Coming into the fourth quarter, supplies of homes available to purchase were already extraordinarily tight, and tightened even further during the period, sliding from 3.9 months of available supply to just 3.2 months in December," HSH said. "Briefly, there's little for homebuyers to buy, and what stock is available is commanding higher and higher prices."

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