|
|
|
|
|
|
by chipotle_coyote
2405 days ago
|
|
|
It isn't necessarily obvious, but in some ways that's because the San Francisco Bay area is such an outlier that it's easy to miss how fast housing costs in metro areas around the country have been rising relative to salaries. The median home value in Sacramento, for instance, is $330K, compared to San Francisco's staggering $1.3M -- but the home price in San Francisco in November 2011 was $633K, whereas in Sacramento it was $183K. (This is according to Zillow, and I picked those points because they're about the lowest points in the last eight years, just before the CA housing market had started to recover.) Housing prices in Sacramento have been going up slightly faster than they have in San Francisco -- and they're not flooded with techies making $200K+ annual salaries. (Granted, there are some techies from here who are probably willing to commute from there at this point.) And this isn't just a California thing. "Home prices are rising at twice the wage of growth." https://www.curbed.com/2019/5/15/18617763/affordable-housing... "Low-cost housing is disappearing from the market." https://www.huffpost.com/entry/housing-crisis-inequality-har... You can find a lot of these articles around without much effort. |
|
|