California Ranks 8th in US Healthiest Housing Market

New Study Names San Francisco As Most Expensive To Buy A Home

According to a report by mortgage resource site, an annual salary of $115,510 is needed to purchase a house in San Francisco where the median home price is $682,410. The report included 25 of the nations largest metropolitan cities with Cleveland, Ohio being the cheapest with a needed salary of $19,435 to purchase a home. (Photo : Justin Sullivan/Getty Images)

Recent report says California is in its best shape in eight years, ranking No. 8 in the healthiest housing markets in the United States.

As reported by The Orange County Register, Freddie Mac gauged the nation’s housing health through its Multi-Indicator Market Index or “Mimi” which looked into job, homebuying and mortgage data. Using the data, it created a market quality scale of 80 to 120 to reflect “in range” trends, scores of below 80 means the market is “weak” while those beyond 120 are “elevated.”

California scored an “in range” 92.8 in the first month of 2016, coming from 91.6 a month before, the report showed. It is the highest score the state achieved since 2008. Being ranked as the best-performing state in the country means California has strong employment, mortgage payment and housing affordability trends, according to the report. One of biggest contributor to California’s strong results is Southern California.