CNBC real estate reporter Diana Olick surveys a new study of home prices in various markets vis-a-vis those cities' median incomes done by Zillow. Six of the top ten markets in which affording a new home will take a large share of median income are, no surprise, in California.
Los Angeles is the worst, followed by San Francisco, San Jose, San Diego and rounding out the top five is the New York/Northern New Jersey market. The next two are in CA: Sacramento and Riverside, followed by Boston, Seattle, and Portland.
See the article's accompanying table. Los Angeles experiences a double whammy, its home prices are high while incomes are not especially lofty. Home prices are a lot more expensive in SF and SJ but median incomes are higher there too - techies earn big bucks.
There aren't many bargains on the left coast, are there? On the other hand, home prices in most of Texas are relatively affordable. We see reflected in these figures a major reason why the middle class is migrating away from the Golden State.
