Wondering where to go next?
Above are some ideas, based on income – and let’s add that the median-priced home is probably the least-desirable option for someone coming from the NSDCC (you’d probably spend more). When qualifying, they didn’t account for other bills either, so it’s all relative.
Hat tip to reader ‘just some guy’!
http://lifehacker.com/how-much-you-have-to-make-to-buy-a-home-in-27-major-u-s-1788106454
Haven’t read the article yet, but I seriously doubt the accuracy of the chart based on the San Francisco number. There’s no way you could buy a liveable home there on a 148k/yr salary.
I think they are using the median sales price for entire metro area, including East Bay. They have to be.
Even the East Bay is pretty crazy! There are only a couple of areas that are even halfway affordable, and those are definitely not areas I would want to move to. Anywhere that’s halfway decent and has less than an hour commute is basically not affordable for anyone who’s not a tech executive.
My plan to purchase a house in this area is to save up a down payment and wait for a major quake, then swoop in during the panic time right afterwards. That is seriously my plan.
Should be any day now! I thought the Giants losing to the Cubs might have caused one!
Well, Jim, the Dodgers lost to the Cubs too in the NLCS so there still may be one… 🙂
Actually, I have a friend who sold a home in Irvine for 950K, and is looking to make an offer in Moraga ( East Bay ) for a little more. The Moraga home is bigger with a much much bigger lot. I think that is reasonable.
bh…Moraga! I went to high school there and lived in the same house my entire childhood in the next little town over. I love that area of the East Bay. My childhood home (per Zillow) is now worth $2.2 million…
My cousin Ed and fam are long-time Moraga residents!