by BobbyS follow (0)
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Also, if you look at the income distribution of the Bay Area, it peaks at the 100k – 150k level with 18% of the population at that range. Then it dips to 7% at the 150k to 200k range with another 7% at 200k or more. So that’s 32% of households earning 100k or more. I’d imagine many with the means to do so buy multiple properties in highly desirable. Finally, the Bay Area still has lots of high paying jobs left and many people with ample savings accounts.
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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.