The affordability of homes on the Midpeninsula has improved slightly in 2024, with an increase in qualifying households to purchase median-priced homes due to higher incomes and lower mortgage rates.
In San Mateo County, homebuyers need to earn an astonishing $514,400 annually to afford a median home priced at $2.05 million, significantly higher than the statewide average.
Sales data indicates that buyers are often spending above the median price for homes, with recent sales in Palo Alto showing homes selling for a median price of $8.49 million, indicating a robust market.
Despite the high ownership costs, the number of households able to purchase homes has increased, suggesting a potential shift in the market, fueled by improved incomes and slightly lower financing rates.
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