A new study revealed more homes in much of the Bay Area are becoming out of reach for the middle class.
said that in 2010, 47% of the homes for sale were affordable to members of the middle class. In 2019, that dropped to 24%.
In Alameda and Santa Clara counties, the decline is even steeper. In 2010, 64% of the middle class could afford a home. In 2019, that’s down to about 30% n those counties. “We have seen wage growth go up 23% in 10 years,” said Garcia. “But that pales in comparison to home prices which rose 180%.”it’s getting tougher for renters too. Roughly half of Bay Area renters are spending a higher portion of their earnings on housing in 2019 than in 2010.
“It might be time to start thinking of something else potentially if I ever want to buy a house,” said San Francisco renter Karli Grigsby.This article tagged under:
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