With home prices near record highs in the Bay Area, a household needs to earn nearly double the median income to afford even a starter home in most markets.
Don’t have a job in tech, a trust fund, or a winning lottery ticket? Then good luck affording a starter home in the Bay Area.
Nationwide, a household earning that much is in the top fifth percentile of earners. But in the South Bay, despite being way above the median household income of about $170,000, it’s barely enough to get your hands on a townhouse. "That $1 million plus is a huge sticker shock," Vihar said."And the amount of issues that these homes have that the seller expects us to fix — termites, needing a new roof … they don’t care, because they know someone’s going to buy their home."
That's the exact situation Vihar has seen play out on the market."There are people who are willing to pay much higher than asking because they just want to get into a home," he said."They're the ones with the winning bids right now."
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