"According to a new report from the California Association of Realtors, you now need an income of $524,000 to buy the median priced home in San Mateo County. "How are you supposed to make that living? Especially as a single person, there's just no way," said Prieya Sahni. The numbers for San Mateo County compare to an income of $326,000 needed to buy a home in the Bay Area as a whole, and just over $223,000 for California overall."
""Compared to about four years, five years ago, interest rates back then were maybe about three percent...but then we've been staying around six or seven percent in the last couple years," said Oscar Wei. "These numbers are striking on paper but they also have real life impact for many people in our region. And perhaps no group is that more true for than for young people.""
San Mateo County now requires an annual income of about $524,000 to buy the median-priced home. The Bay Area median requires roughly $326,000, while California overall requires about $223,000. Elevated mortgage interest rates, recently around six to seven percent compared with about three percent four to five years ago, significantly raise required incomes. Many Peninsula residents say homeownership has become unattainable locally. California has enacted new housing construction goals and set deadlines for jurisdictions to meet targets by 2031. Housing advocates note the affordability and displacement crisis developed over decades and will take time to resolve.
Read at ABC7 San Francisco
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