According to Realtor.com® senior economic research analyst Hannah Jones, typical homebuyers often need to spend over 30% of their annual income to afford homes across the U.S.
In Atherton, CA, the median-priced home costs $8.9 million, necessitating a minimum household income of $1.85 million to afford it, reflecting the severe housing affordability issue.
Many buyers in ultrahigh-priced areas like Atherton may not be using traditional mortgages; instead, they likely put down substantially larger down payments, exceeding the common 10% to 20%.
Real estate analysis shows that in heavy residential zones like Atherton, zoning laws restrict housing lot sizes, exacerbating the affordability crisis by limiting supply in high-demand areas.
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