4 ms·
20% down? A starter home in the bay area in a less than great neighborhood would run you about $500k 7 years ago. Drop 100k down on your home for the 20% buy i
by rarepostinlurkr 11y ago
20% down? A starter home in the bay area in a less than great neighborhood would run you about $500k 7 years ago. Drop 100k down on your home for the 20% buy in, thats a pretty big chunk of change that has already eliminated a huge swath of people.
If you have just been given a job offer to come work in the bay area you are likely looking for a home to move your family. Your signing bonus isn't going to be given as a lump sum, so you are stuck renting for $4,000/month. Not to mention that previously $500k starter home is now $800k (still a bad neighborhood with crap schools too)
- bkjelden 11y agoPrices are just simply insane here. I don't know how anyone who hasn't been part of an IPO or an acquisition is going to be able to buy here. I'm a software engineer and my wife is a nurse. We supposedly fit the demographic that's pricing people out of the area, but more and more we feel priced out ourselves.
- flog 11y ago$800k sounds low. You've still got to do the retrofit, or it's going to be a TIC, or it's going to have excessive insurance costs... even then you'll be outbid by 20-30% over asking price. I've been sitting on a 20% deposit for years (at the equiv of SF property), but simply cannot afford to buy given all those costs. The only way I can see it happening is to be married, with a double income.