Two recent articles reconfirm what many of us know all too well: the Bay Area’s housing affordability crisis continues unabated.
Local rents continue to climb high
Reports: Costs in San Mateo County jump, raising questions about economic impact
Rents in San Mateo — already among the nation’s most expensive — jumped again in July, marking the seventh straight month during which the cost of living locally increased, according a recent report. – See more.
Study: Majority of Bay Area locked out of home sales market
Potential homebuyers trying to break into the Bay Area real estate market without a high-paying tech job or financial help from family may find the American dream of home ownership slipping right out the window.
“Many younger residents are particularly affected, unable to buy in the very neighborhoods where they grew up, some real estate agents say.”
A California Association of Realtors study released last week showed that — with Bay Area median home prices soaring over $1 million and median incomes insufficient to carry such loans — fewer than 1 in 5 Bay Area residents can afford to buy into the local market. – See more.