Even Doctors Can't Afford to Buy a House in San Francisco ...

Monyish reports:

Doctors make bank — and even they can’t afford the Bay Area.

Doctors can afford to buy at least half of the homes in every major housing market in America, except one: San Francisco. While the typical doctor in the Bay Area makes $208,000, they’re facing median home prices of $1,249,000, among the highest in that nation. The sky high prices mean that only about 42% of the homes in the area are affordable to doctors, according to an analysis of housing affordability released Wednesday by real estate firm Trulia.

San Francisco stands in a category all its own. It’s sky high real estate prices are thanks to its small area with a limited number of homes, as well as lots of buyers with very high incomes, says Dennis Cisterna of real estate site Investability. The second least-affordable market is Ventura County, Calif. but doctors there can afford 56% of the area’s homes. San Jose, Calif., Los Angeles, Austin, New York, Orange County, Long Island, San Diego and Oklahoma City round out the top 10.

Obviously, the housing crunch is even worse for people who make less than doctors. The typical worker in America makes about $37,000 a year, but the typical home now costs more than $254,000.

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