San Francisco real estate has reached yet another crazy extreme.Because they really do hate middle class people in San Francisco....
The household income needed to buy a median-priced home in the city reached a new high and is now $303,000. That's according to the California Association of Realtors affordability index, which is based on sales in the fourth quarter of 2017.
The index approximates the percentage of households with the minimum income needed to buy an existing, median-priced single-family home with a 20 percent down payment at the current interest rate.
The new salary number is what a buyer needs to make to afford the $7,580 payment on a $1.5 million home, the fourth-quarter median.
A report from Paragon Real Estate that looks at the data points out, "The percentage of households who can afford to purchase a median priced house is 12 percent."
Thursday, February 15, 2018
$303K is the annual income now needed to buy a median priced home in San Francisco
The San Francisco Chronicle reports:
