San Jose: Most expensive Metro in the entire US
San Francisco: 2nd most
Wonderful!
Suburb is more expensive than urban?
SF:
Median home cost: $950,000
Salary needed to buy: $175,804
SJ:
Median home cost: $1,183,000
Salary needed to buy: $218,996
These are BS numbers. People need to get this out of their head. Median priced houses are NOT for median income people. People making 70K can buy in SJ. Why not starting out with a condo that costs 400K, build equity and gradually move up the ladder? Do millennials nowadays believe it’s their birthright to buy a 1M+ houses right off the bat?
Articles like this are harmful.
Yes.
Um, yes,they do and frankly some of them are buying the 1M+ right off the bat. Come on, we just hired a millennial and I was chatting with him and you can just see the millennial mentality “if I am worthy of it, I want my promotion/raises right away, not at year end or beginning of the year when the company can give it to me” flowing through.
$780K doesn’t sound too bad for Honolulu…for some reason I thought even for the median it’d be much higher.
Yeah, but the median price is usally a low price…What can you get in SF for less than $1m…Entry level is pretty much a condo almost anywhere in the BA
It is not about salary it is about supply. Not enough supply in desirable areas and too much housing stock supply is less desirable areas.