By the Numbers: The outrageous cost of buying a home

By the Numbers: The outrageous cost of buying a home


ABC7 NEWS’S LIZ KREUTZ BRAEKSZ DOWN THE NUMBERS.>>Reporter: WE ALL KNOW THE REAL ESTATE MARKET IN THE BAY AREA IS CRAZY. YOU PAY AN INSANE AMOUNT TO GET A ROOF OVER YOUR HEAD. HOW BAD IS IT REALLY? LET’S START WITH SAN FRANCISCO. YOU WANT TO RENT A ONE BEDROOM APARTMENT? THE MEDIAN PRICE IS 3600 A MONTH. THAT’S ALMOST A GRAND MORE THAN NEW YORK CITY. OKAY, MAYBE YOU THINK HEY, I CAN ESCAPE TO SAN JOSE OR OAK. WELL, BOTH ARE ALSO TWO OF THE TOP TEN MOST EXPENSIVE CITIES TO RENTERS IN THE COUNTRY. AVERAGE RENTS THERE, MORE THAN 2600 A MONTH, WHICH IS PROBABLY WHY ONE OF EVERY FIVE MILLENNIALS ARE LIVING WITH THEIR PARENTS. NOW, WHEN IT COMES TO BUYING A HOUSE, BRACE YOURSELF, THIS ONE HURTS. THE MEDIAN PRICE FOR A HOME IN SAN FRANCISCO IS MORE THAN $1.3 MILLION. SAN JOSE IS RIGHT BEHIND. AND OAKLAND, HEY, YOU ONLY NEED ABOUT $735,000. OKAY, LET’S SAY YOU WANT TO BUY A HOUSE IN SAN FRANCISCO. YOU BETTER BE MAKING $172,000 A YEAR. IF YOU HAVEN’T STARTED SAVING FOR THAT DOWN PAYMENT, IT WOULD TAKE SOMEONE 40 YEARS TO SAVE FOR A DOWN PAYMENT ON THE AVERAGE PRICED HOME IN SAN FRANCISCO. 40 YEARS. I WOULD BASICALLY BE RETIRED. SO IS THERE ANY GOOD NEWS? WELL, IT’S HARD TO SAY. EXPERTS SAY HOME PRICES WILL CONTINUE TO GO UP

Comments

  1. Post
    Author
  2. Post
    Author

Leave a Reply

Your email address will not be published. Required fields are marked *