How much does it cost to buy a house in California?

The cost to buy a house varies widely depending on the sale price and down payment size. That said, the median home value in California is about $775,000, and the average home buyer in California spends between $57,000 and $207,000 during the home purchase process.

How much do you need to make to afford a house in California?

Lenders generally recommend having a debt-to-income ratio — that is, your debt divided by your income — as no more than 36–43%. For an average California mortgage of $3,500, you'd need to make at least $8,100 and $9,700 per month to afford that. The amount of other debt you carry for things like credit cards, car loans, or student debt could affect this number.

Is it a good idea to buy a house in California?

The only way to know for sure if you're better off buying than renting is to compare a specific home with the cost to rent a comparable home in your area, which a home cost calculator can help with. Generally speaking, the more expensive the real estate market, the less financial benefit there is to buying versus selling, at least when comparing monthly expenses. Ultimately, you need to decide how much money you need to save owning a home to make it worth the extra hassle and risk of the home value going down.

Jon Stubbs

Content Writer

Jon Stubbs has been at Clever Real Estate since 2021 and has over 20 years of experience as a writer and editor. Before Clever, Jon researched and wrote about a variety of topics, including debt managment, personal finance, and home improvement.

Expertise: Home buying and selling costs; real estate commission; real estate market trends.

Education: BA - Pennsylvania State University; MA - West Chester University of Pennsylvania

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Jon Stubbs

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