Inland Empire Named 13th Most Expensive Metro For Homebuyers

INLAND EMPIRE, CA -- Riverside and San Bernardino counties made the list for the most expensive metropolitan areas in the U.S. for homebuyers. HSH.com, a publisher of mortgage and consumer loan information, said the Inland Empire is the 13th most expensive area in the country.

The study found that Inland Empire residents need a minimum salary of $67,750.26 to afford a median home price of $339,900. If homebuyers put 10 percent down instead of 20 percent, the required salary increases to $79,164.06.

After putting 20 percent down, you can expect a 30-year-fixed mortgage rate of about 4.01 percent percent with a monthly payment of about $1,580.84, according to HSH.com.

The numbers indicate "home prices still far exceed incomes in several parts of the country," said Lawrence Yun, a chief economist for National Realtors Association.

"Affordability pressures are frustratingly occurring in places where jobs are plentiful and incomes are rising," Yun said. "Without a significant boost in new and existing inventory to alleviate price growth, job creation could slow in high cost areas in upcoming years if residents begin exiling to more affordable parts of the country."

The publisher found its calculations by using 2017 third-quarter data from the National Association of Realtors. It also used information available on property taxes and homeowner's insurance costs.

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