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The Midpeninsula is home to California’s highest home prices. San Mateo and Santa Clara counties are the only ones in the state where the median price for a home has surpassed $2 million. They also are the only two counties where the average homebuyer needs to earn more than $500,000 annually to afford a home.
Despite those record-breaking numbers, weekly sales data shows that buyers are spending well-over the median price on homes here. So just how much are homebuyers really spending on their new homes?
As part of our new feature “What it Really Costs,” we’ve compiled monthly sales data from the California Association of Realtors into a series of maps to show how much the average buyer would need to spend for a one-bedroom, two-bedroom, three-bedroom and four-plus-bedroom home – along with estimated monthly mortgage fees – in the cities of Palo Alto, Mountain View, Los Altos, Redwood City, Menlo Park and East Palo Alto.
Here’s how much it cost to buy a home during the month of July.
