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The Number of Millionaires in the Bay Area up 10.2%
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2010 Jan 15, 9:53am 11,916 views 48 comments
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Wong, are you insulting me because you made a stupid comment that I pointed out or is this some form of humor that's not funny?
Anyway, Austin, another possible reason why the BA has ridiculous prices is that people are much more willing to double-up here (multi-generational living). In most parts of the country, sure some kids live with their parents maybe a few years after college to get on their feet. Here, there are lots of families that go into buying a house knowing that it's either two separate families or two generations of workers under the same roof. Then, you no longer have 2 workers for income, rather you have 4 workers who can support the mortgage. It's unfortunate for those of us who don't want to live that way. I don't know what percentage this is of the market, but it's not helping things.
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“...the number of millionaire households across the nine-county Bay Area climbed to 136,120 last year, up 10.2 percent from 123,621 in 2007″
http://articles.sfgate.com/2009-07-16/business/17217298_1_world-wealth-report-millionaires-bay-area
Hmm, meanwhile thousands more people are being and have been laid off in the Bay Area. Welcome to the aristocracy of the Bay Area. The number of millionaires in the Bay Area partly explains why many areas are still way overpriced.