Bay Area housing market rant
The Bay Area housing market disgusts me. Right now, a 2 bedroom 1 bath house for 1,000 square feet that probably requires work and that’s not in the best of neighborhoods runs in the $500k, range Let me rephrase that. Not in the best of neighborhoods = the ‘hood. In other words, almost the ghetto but not that bad.
Who can afford something like that. Nobody. Let’s say a two income family makes $100,000 - $125,000 a year. And that should be a decent salary. Rule of thumb is that you can afford a house that’s 2 1/2 times gross income. Well, that’s a $250,000 house. Those don’t exist in the Bay Area. I don’t think condos go for that much.
It disgusts me because I grew up in the Bay Area and my friends can not afford to buy a house here, where we all grew up. They’re just everyday regular people. You should not have to be a lawyer, doctor, Internet executive to live in the freaking Bay Area!!!
Not only are people getting reamed by high mortgages, they’re getting reamed with real estate taxes too. We’re all paying higher real estate taxes and we’re seeing the same crappy schools and services.
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Who has to step up? The State and Local government does. Build more affordable housing period. Lower real estate taxes. Done. Do it.
I can’t believe that no one else has responded to this.
I also can’t believe that YOU are not able to afford a house in Bay Area. You co-founded Mozilla, the same one I’m using right now?
We had to relocate to East Coast for my husband’s job. And I miss SF everyday. I was born/raised there, and like you, can’t see a way for us to return. It makes me sick and depressed that where we are now, people with MUCH lower incomes can buy houses. $450K would buy 4+ bedroom house in suburbs near Philly. But, who wants to live here? Well, if you have family, sure. But our family is in Bay Area. Sucks big time.
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Comment by Nancy — July 12, 2007 @ 8:29 am