Bay Area Buyers Require the Country’s Largest Incomes to Afford a Home

• U.S. home affordability dropped to a 10-year low in the third quarter according to research from ATTOM Data Solutions.
• Households in San Mateo, San Francisco, Santa Clara, and Marin counties must earn more than $300,000 per year to afford the median-priced home assuming a 3 percent down payment.
• Home price appreciation outstripped wage growth from the third quarter of last year in 86 percent of U.S. counties, including all nine in the Bay Area.

Almost one-third of the U.S. population now lives in an area where a six-figure income is necessary to afford a home purchase, and here in the Bay Area, buyers will need to earn quite a bit more than that to get a foot in the door. Home prices rose faster than incomes year over year in all nine Bay Area counties in the most recently completed quarter. Read full article @elizabethGkilgore




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