[skrtskrt]

I see - so you're saying that for someone:

* in their 30s - so, say 10 years of engineer-but-not-FAANG salary

* with a spouse who also has a white collar job & about 10 years of savings

they would not have $200k to put down 20% towards a $1M place? Not that putting down 20% is even common anymore, average is ~9%.

I guess I could believe it given how little housing there is in SF - but wow.

[bradlys]

Depends on the people. $180k + $80k is only $260k. It's enough to get a house at $1m but you'll be somewhat house poor. You have to assume they haven't been saving at $180+$80k that entire time unless you're assuming they're late 30's.

9% down isn't common for Bay Area btw. 30-45% of all homes are bought with cash (higher value the property - higher the all cash offer %). Do you think those numbers are like that in other parts of the country? Do you think you can get by with <10% down for a jumbo loan? The people I know who bought here have either paid all cash or had to put down even more than 20%.

We haven't even discussed what a $1m home gets you here. I wouldn't buy a $1m home here. You will not get a nice home or neighborhood. Minimum $1.5m to break into the decent neighborhoods. Want something resembling what the rest of the professional middle class has? At least $2m+.