Dream locations that don’t come cheap.
America is the land of opportunity but the opportunity to buy property in some locations comes with a pretty steep price tag. Most people need to borrow money in order to buy a home and first time buyers are increasingly being helped by their parents with guarantor loans but it can still be a struggle to raise the money needed for a first home.
If you’re lucky enough to have plenty of cash to splash around then you’ll have the choice of any one of the US’s most expensive destinations. If you don’t then you might want to avoid some of its most expensive cities for US homebuyers.
Not all of LA is unaffordable but here is where you’ll find some of the most expensive properties in the country. For example, the average property price for Los Angeles-Long Beach-Glendale is $541,200 according to the National Association of Realtors. That means that you’d need to be earning a six-figure salary to even get a foot in the door of the average property in this part of the country.
It might seem surprising but Boulder ranks as one of the most expensive cities for US homebuyers, above areas of Los Angeles. The average property price here is $546,400, which puts it at around double the national average for buying a home in the US.
Anaheim-Santa Ana-Irvine. California
California is home to plenty of the most expensive cities in the country for US homebuyers. Maybe it’s the weather or maybe it’s the wine but homes in this part of the world achieve a much higher price tag than elsewhere. If you want to live in Anaheim-Santa Ana-Irvine then the average property here will set you back around $785,000 – that’s going to require an annual average salary of at least $148,283. Quite a leap from the national average qualifying income to buy a home, which is $46,808.
San Jose-Sunnyvale-Santa Clara, California
San Jose-Sunnyvale-Santa Clara tops the list of the most expensive places to buy for US homebuyers. Here, the average property price is an enormous $1,270,000 – that’s just the average cost of the properties here. The local population in Sunnyvale is just 140,000, which may have a lot to do with how much it costs to make a property purchase in this part of the world.
Urban Honolulu, Hawaii
It may not be surprising to learn that the paradise of Hawaii is home to one of the most expensive locations to buy property in the whole of the United States. If you wanted to invest in a property here then the average cost in Urban Honolulu is $760,600 – but there are plenty of properties in this part of the US that could cost you a million or more.
San Francisco-Oakland-Hayward, California
Although not quite reaching the heady heights of Sunnyvale property prices, San Francisco is right up there as one of the most expensive cities to buy in if you’re a US homebuyer. The average home in the city costs around $920,000. The average salary required to pay for that home is $173,783 – probably a fairly easy goal for those who work for the many technology companies in the area but perhaps not for many others.