Home Buying in the Bay Area
When we talk to friends and family that live outside California, they can’t fathom that Californians pay $500,000 to $1 Million + for a house these days. In places like Colorado, Ohio, North Carolina and Atlanta, this would get you a mansion on the golf course. In California, you’re lucky if you get 4 bedrooms and a back yard. It’s crazy, but seems to be just the way it is. After a recent article in the Oakland Tribune Business section on Friday, it appears a very small percentage of households in the State can even afford to live here.
The percentage of Bay Area households able to afford a median-priced, single-family home was 12 percent in March, down from 13 percent in February and 17 percent in March 2004, the California Association of Realtors said. Statewide, 18 percent of households earned the $115,910 needed to buy a $495,400 median-priced home.
We currently live in Alameda County which is still experiencing a high rate of demand for housing, with very little inventory on the market. It’s times like this that you’re thankful you have a roof over your head and something to call your own.