Understanding the Potential of the Bay Area's Largest Housing BoomReturn to Blog
Categories: Real Estate Uncategorized
New data by the Census Bureau uncovers how the rising wealth of Bay Area residents supports the demand for Bay Area homes throughout this expansion. Less than 8% of residents earned $200,000 or more in 2018, yet in 2019 almost one of four Bay Area families made a salary equivalent to or more. Since 2010, the quantity of Bay Area homes gaining or over this amount has expanded about 400,000, with close to 80,000 residents in 2018 alone. In San Mateo, Santa Clara, Marin, and San Francisco areas, about one out of three families earned, in any event, $200,000 in 2018.
To place this degree of pay in context, a family making $200,000 annually could easily purchase a home priced at $1.5 million, or utilizing traditional financing at current rates. Furthermore, the pay distinction in the Bay Area compared to the national gross average, would without a doubt be more severe if the data was extended to more significant levels of income. While Bay Area home costs continue stressing the financial limit for some households, the unbalanced rise in high-income residents with noteworthy acquiring power has provided support for higher home prices among homes sold.
Please contact Darryl Glass with any questions you may have about this data, email@example.com, (510) 500-7531.