You now need an income of $524,000 to buy a home in San Mateo County, according to new California Association of Realtors report

SAN MATEO COUNTY, Calif. (KGO) — The picturesque Peninsula is home to several beautiful suburban towns.

But for many, being able to live in those towns is increasingly out of reach.

According to a new report from the California Association of Realtors, you now need an income of $524,000 to buy the median priced home in San Mateo County.

“How are you supposed to make that living? Especially as a single person, there’s just no way,” said Prieya Sahni.

The numbers for San Mateo County compare to an income of $326,000 needed to buy a home in the Bay Area as a whole, and just over $223,000 for California overall.

Economists for the Association of Realtors say high interest rates are a key factor in why the income needed to buy a home is now so high.

“Compared to about four years, five years ago, interest rates back then were maybe about three percent…but then we’ve been staying around six or seven percent in the last couple years,” said Oscar Wei.

“These numbers are striking on paper but they also have real life impact for many people in our region. And perhaps no group is that more true for than for young people.”

On Friday, we talked to several people around the Peninsula.

Many of them telling us homeownership seems like an impossible goal.

“I don’t think I ever will. For sure not here. Not in the Bay for sure. Maybe San Diego, maybe Arizona,” said Sahni.

California has set new housing construction goals into law in an effort to try and ease the affordability crisis.

Corey Smith, the executive director of Housing Action Coalition, says most places remain behind on those goals but that the state is moving in the right direction.

“We didn’t get into this mess overnight. It was 40 years of decisions that got us into the affordability and displacement crisis that we’re in, so realistically it is going to take some time to build our way out of it,” he said.

Each jurisdiction around the state has until 2031 to hit their building goals.