Fewer than 1 in 5 residents can afford a home in Bay Area


#1

The housing market is slowing down, and that's a bad sign for the economy
#2

I wouldn’t want to live in California anyway.


#3

What? Not affordable?


#4

If so few residents can afford it, who is residing there??
:face_with_raised_eyebrow:


#5

I’m surprised it’s that many. The median home price in San Francisco is $1.61M according to this.

Not too many people have $320,000 in cash to put down on a house and can afford $7,500 a month for a mortgage and property taxes (assuming 20% down and 30 years at 4.5%)


#6

It’s an interesting place to visit though. Will be out there myself in a few months.

I’ve got coworkers out there in San Fran. But they live 20 to 40 miles outside the city; that’s where they found the houses with prices they were willing to pay.


#7

Be careful where you step.


#8

Since I have lived next door to California for 40 years, I have spent plenty of time there. Mostly I have spent time in Southern California. I have not been north of Fresno.

I am sure there are some nice little towns that are unspoiled, but I still have no desire to live in California.


#9

I second that!


#10

This is happening everywhere. It is just amazing how expensive housing is getting and how few people can afford it. Rent is skyrocketing too. And it is not just San Francisco or Seattle; it is now happening in Boise, places like that. Home ownership is the lowest it has been in something like 50 years or so - I think that is right, around 50%, right?

Also they are trying to fix this by building these ghastly Soviet era apartment blocks, think Southside Chicago. They are tearing down single family homes in order to cram more people into smaller areas. It is so dehumanizing. I think perhaps the idea is to get you to hate the place so much you just move on to avoid going on anti-depressants or jumping out your window. The larger problem is you don’t get the city back, right, the quality of life, after all this mass cheap trash construction. Once it is gone it is gone.


#11

The irony is that population density seems to depress TFR, so will these apartments empty out in a few decades?


#12

No doubt. I think there are likely waves of (native) migration if you will. The PNW or Bay Area is ‘hot’ with lots of high tech high paying jobs, so everyone goes there, which drives up house prices in an already pretty tight upscale market. For almost a century now the coasts have carried a majority of the population, right. But it feels to me (and perhaps I am overdramatizing) like the Bay Area and the PNW are hitting the tipping, saturation point. We have good economies but no one can afford to live there or even find suitable housing. I know more and more people heading to new pastures - Boise is exploding - what ones does as a job in Boise is anybody’s guess. I was looking at St. Louis online last night - OMG - what you can get there for $250k is amazing in terms of housing, also a darn good job market. Looks like a cool city really. My point being I think the wave will disperse elsewhere with any luck. We can all work remotely right, at least in many industries.

I am going to get on my soapbox here for a second for any PNWer’s out there, just spreading the word:


These folks look ok to me; I haven’t read all through yet…

On a larger scale, we seem to be forgetting quality of life. I mean ‘we’ as the US. We may be ‘great’ but we are pretty stressed out to the max doing it. Don’t those apartments look just like tenements? That is what they are. It is an open question how far we have come in the last century in terms of quality of life, at least for city dwellers.


#13

Great photography.


#14

Thoses who cannot afford, rent, and or go more far away…

Everywhere, difficulty to find a home is a great stress for people and is linked with unhapiness, delaying a family, low birth rate, dual family income mandatory, high rate of family breakdown etc…

Not favorable at all for the family!


#15

#16

I wonder if the situation is similar to that of Vancouver and London, where you have people buying up properties and driving prices but only have them practically unoccupied.


#17

I was born in San Francisco and after the military, I moved back and live in a shared rent controlled apartment. This is my home town. In my travels I have found coastal California is still among the most beautiful places in the world, with the best weather by a long shot. I do not own or require heat or A/C in my house, the weather is never dangerous or extreme. Sadly I will need to leave when I get married, “market rate” housing in SF is just too expensive.


#19

This topic was automatically closed 14 days after the last reply. New replies are no longer allowed.


DISCLAIMER: The views and opinions expressed in these forums do not necessarily reflect those of Catholic Answers. For official apologetics resources please visit www.catholic.com.