SAN JOSE HAS BEEN RANKED NO. 1 for the least affordable city in the world for first-time homebuyers in a new global study, underscoring how far housing costs have outpaced wages in the heart of Silicon Valley.
The study — conducted by financial services company Remitly — analyzed housing affordability in more than 150 cities worldwide by comparing average local incomes with typical home prices and applying standard mortgage criteria. California dominated the rankings, with six cities in the top 20. After San Jose, Los Angeles ranked second, Long Beach ranked third, San Diego ranked fourth and Vancouver, Canada, rounded out the top five as the least affordable cities globally. San Francisco came in 10th and Oakland scored 19th.
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