We all know California is a very expensive state in which to live, but did we realize quite how expensive? Between state income taxes and cost of living, a resident in either San Francisco or Oakland has a purchasing power of $62,371 after these two factors are taken into account.
In fact, California has eight of the top (bottom?) ten metro areas where salary is the most diluted including Loos Angeles, San José, Santa Ana, Anaheim, Long Beach, and Irvine.
Sure, we’ve all heard that the San Francisco-Oakland-Hayward metropolitan area is one the hottest real estate markets in the country (actually, number 2) and it’s no great surprise that the San Jose-Sunnyvale-Santa Clara area is number 9. Even Sacramento-Roseville-Arden-Arcade metro checks in at number 4.
But how many could have predicted that the hottest real estate market in the country, as reported by Realtor.com is the Vallejo-Fairfield area?
With a hot job market and continued low inventory other hot areas in California include Stockton-Lodi (No. 14), Santa Rosa (No. 17), Yuba City (19!) Modesto at No. 20.