By Louis Hansen | [email protected] | Bay Area News Group August 3, 2018 at 12:51 pm Tech workers might seem to have it made — free meals, lavish parties, their own HBO comedy and the quarterly rush of excitement when stock option profits hit their Schwab accounts. But are they paid enough to put roots down in the Bay Area? More than 60 percent of tech workers in an unscientific poll say “No.” The survey by Blind, an anonymous messaging app used by thousands of tech employees, found a strong majority of techies at 13 Bay Area companies say they cannot afford to buy a home here. Nearly 7 in 10 employees at Cisco, eBay and Intuit say they can’t break into the housing market. Even the majority of developers and supervisors at trillion-dollar valued Apple (63 percent), Facebook (51 percent) and Google (51 percent) say they can’t buy the American Dream in the Bay Area. The survey suggests big compensation doesn’t translate into buying a … [Read more...] about Do tech workers make enough to buy a house in the Bay Area?
Afford to buy a house
If you’re getting tired of apartment living and are ready to settle in a home of your own, you may need to wait a little while longer. A study conducted by the Housing Finance Policy Center at the Urban Institute, a nonprofit research organization, indicates that only 23.5 percent of Boston renters earn enough to buy a house in the area, compared with the national average of 27.3 percent. The researchers applied a scale they created — the Housing Affordability for Renters Index — on a local level. The index shows how affordable homeownership is to current renters in the 20 most populous US metropolitan statistical areas. While affordability is of primary concern in this housing crisis, the lack of inventory poses a problem as well. “Folks who have plenty of money are impacted by the supply problem,” said Sheryl Pardo, associate director of communications for the institute’s Housing Finance Policy Center. “It’s not just an … [Read more...] about Report: 23.5 percent of Boston renters can afford to buy a home
CityLab crunches some numbers to see where the house price-to-income ratio is most out of whack and to examine what that means for the economies of those metro areas. From the story: The rule of thumb long used by real estate agents and homebuyers is that you can afford a house if its price is equivalent to roughly 2.6 years of your household income. That ratio is based on historical nationwide averages under healthy economic conditions. But today, in many places around the country—particularly in coastal cities in California and along the New York–Boston–Washington corridor—housing has become staggeringly more expensive than that. The website used data on median housing values from Zillow and on median income (for households and individuals) from the U.S. Census Bureau's American Community Survey. The least-affordable metros aren't surprising. In the most-expensive city, Los Angeles, it takes 9.6 years of median household income to buy a median home. Rounding … [Read more...] about In Cleveland, it takes 2.6 years of median household income to buy a house. In Los Angeles, it’s 9.6
Share This Story! Let friends in your social network know what you are reading about Facebook Email Twitter Google+ LinkedIn Pinterest Home prices: Here’s what you need to earn to buy a house in these big cities Owning a home in San Francisco, San Jose or New York can really break the bank, with total costs at more than double the U.S. national median. Sent! A link has been sent to your friend's email address. Posted! A link has been posted to your Facebook feed. Join the Nation's Conversation To find out more about Facebook commenting please read the Conversation Guidelines and FAQs Kenneth Kiesnoski, CNBC Published 1:00 p.m. ET March 5, 2018 CLOSE Prices are up 12.7%. Time CONNECT TWEET LINKEDIN COMMENT EMAIL MORE Record-low inventory is causing home prices to rise across the U.S., so higher salaries are now required to afford monthly housing payments, according to SmartAsset. The financial technology firm … [Read more...] about Home prices: Here’s what you need to earn to buy a house in these big cities
Last Updated May 31, 2011 10:48 AM EDT The stream of depressing housing numbers continues to roll in. The closely watched Case Schiller index of housing prices dropped below its April 2009 low, indicating that housing is now officially in a double dip nationwide, and 31% below its peak in the spring of 2006. That's discouraging news for the economy, since homeowners aren't likely to feel like splurging if their biggest asset is crashing and they're under water on their mortgage. And the farther under water you get, the greater the the temptation to walk away from your mortgage, dumping more inventory on an already glutted market. It's hard to find a lot of good news in all this. Still, it's an ill wind that blows no one any good, and there is one group that stands to benefit from the housing market's travails: Buyers. Only problem: They don't seem to care. A New York Times story this morning suggests that not only are many potential buyers frozen out of the market-stuck in … [Read more...] about Forget the Double Dip: 3 Good Reasons to Buy a House Anyway