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San Francisco is home to some of the highest rents in the country. But SF renters pay relatively less out of their paychecks to live in the priciest market in the U.S.
More San Franciscans pay below 20% of their household income on rent than any other major city in the nation, according to a new analysis of census data by The Standard.
This counterintuitive finding speaks to how extreme the city’s high property values have become, keeping home ownership out of reach for even high-earning residents, who would undoubtedly buy property in almost any other market in the country. The result: San Francisco has the nation’s richest renters. ...
Housing researchers commonly look at a city’s ratio of median house price to median household income as an indicator of housing affordability, Professor Ayse Pamuk, director of San Francisco State University’s Applied Housing Research Initiative, explained in an email. Any value over three means the city’s housing stock is not affordable to the average worker.
San Francisco’s value is 10.7.
Even if someone is able to scrape together enough money to put down money on one of these premium properties, they’ll be shelling out staggering sums for decades. The median monthly cost for housing unit owners who still owe on their mortgage is $3,964, which is the highest in the nation.
charlie303 says
THIS is the worst housing crisis ever in history
I dunno, bro.
There was a huge housing crisis (shortage of housing) during WW2, - biggest public spending stimulus in history on the heels of a decade of no investment in housing stock due to the Great Depression.
Biggest housing crisis since then has been affordability crisis from high prices from insanely low borrowing rates. What you are calling a crisis I'd call a welcome relief on the prices.
Are you a house flipper or serial HELOC'er? Just asking.
I know for my HOA and neighborhood, a drop from $300,000 (early 2022 sales prices) to $240,000 would bring the price to early 2020 price levels.
This is the collapse of the 'Everything bubble' and the end of US hegemony but it's going to take a year or so to play out.
charlie303 says
This is the collapse of the 'Everything bubble' and the end of US hegemony but it's going to take a year or so to play out.
"The Sky Is Falling Down!"
B.A.C.A.H. says
charlie303 says
This is the collapse of the 'Everything bubble' and the end of US hegemony but it's going to take a year or so to play out.
"The Sky Is Falling Down!"
Yes. Chicken Little lives!
Massive intervention by the Central Bank of England intervention today to prop up the pension market which would have collapsed.
Panic and turmoil as people realise they might lose their property as well.
Asian Central Banks now also intervening as the carnage spreads.
Remember we are in a global economy that has been synchronised for at least 20 years so when one domino goes they all will.
US $ to rise before being the last to fail.
You heard it first here.
.
I believe you're in the panhandle FL? First stay safe unless you're far enough west from the hurricane. Weather junkie as a side hobby.
I believe you're in the panhandle FL? First stay safe unless you're far enough west from the hurricane. Weather junkie as a side hobby.
For a $2,500/month payment and 20% down, one can afford a $476K house today. In early 2021, the figure was $759K.
Ergo, the $759K house is now worth $476K.
Total insurance cost annually is $1600 plus $1500 (or $3100) for a $250,000 townhome.
B.A.C.A.H. says
charlie303 says
This is the collapse of the 'Everything bubble' and the end of US hegemony but it's going to take a year or so to play out.
"The Sky Is Falling Down!"
Yes. Chicken Little lives!
Massive intervention by the Central Bank of England intervention today to prop up the pension market which would have collapsed.
Panic and turmoil as people realise they might lose their property as well.
Asian Central Banks now also intervening as the carnage spreads.
Remember we are in a global economy that has been synchronised for at least 20 years so when one domino goes they all will.
US $ to rise before being the last to fail.
You heard it first here.
.
HAVE TO in order to keep their existing real estate investments propped up.
Today at 4:30pm they received a call saying that our buyers financing fell through
Usually, a real estate contract has a contingency that if the buyer's loan is declined, the deposit is refunded. Not sure how the seller can keep the $80k, unless Canadian laws are different.
For a $2,500/month payment and 20% down, one can afford a $476K house today. In early 2021, the figure was $759K.
Ergo, the $759K house is now worth $476K.
Even more inventory coming on in Live Oak, Capitola, Soquel. The hang times are increasing. Prices have dropped on some, but it looks like many are trying to hang on to their dream equity. Winter might be brutal if mortgage rates go up another point to point and a half.
Even more inventory coming on in Live Oak, Capitola, Soquel. The hang times are increasing. Prices have dropped on some, but it looks like many are trying to hang on to their dream equity. Winter might be brutal if mortgage rates go up another point to point and a half.
IF rates remain high for some time. Those who have to sell will sell.
Sorry you didn’t buy a house in the last 12 years, you missed your window.
My guess is that rates will stabilize around 5%.
Can gov pay interest on its ever increasing debt beyond this point!
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https://finance.yahoo.com/news/pimco-kiesel-called-housing-top-160339396.html?source=patrick.net
Bond manager Mark Kiesel sold his California home in 2006, when he presciently predicted the housing bubble would pop. He bought again in 2012, after U.S. prices fell more than 30% and found a floor.
Now, after a record surge in prices, Kiesel says the time to sell is once again at hand.