Recent data highlights a significant increase in Bay Area home prices, reaching levels not seen since summer 2022. The median price of homes in specific counties has seen dramatic rises, with San Mateo County at $2.17 million (up 17%), Marin County at $1.96 million (up 22%), Santa Clara County at $1.91 million (up 17%), San Francisco County at $1.75 million (up 2%), and Alameda County at $1.4 million (up 16%). This surge in prices, coupled with high mortgage rates now above 7%, has made home buying increasingly unaffordable. The median household now requires over 40% of its income to cover payments on a median-priced home. Consequently, renting has become a more viable option, with a study showing that renting is now more cost-effective than buying in all 50 major U.S. metro areas.
The monthly cost of renting a home averaged 37% less than buying across the 50 largest metros according to a study by @Bankrate Typical mortgage payment was $2,703 vs $1,979 monthly rent The San Francisco MSA typical payment was $8,539 & monthly rent $3,024 @USATODAYmoney
There is now a 180% gap between the typical Bay Area mortgage payment and the typical Bay Area rent payment, new numbers show. https://t.co/uRAm1AWuh1
Renting may be the best option for those looking for a house to call their own: https://t.co/DPXQkQiBCf
"If you want to bet on economic security for your future and you have the money for a down payment, it's always better to buy than to rent," says @bessfreedman as a study shows renting is more affordable in most major cities. https://t.co/njI93zkE87
In March, core inflation unexpectedly increased to 3.8% year-over-year. That means the Fed won’t be lowering interest rates anytime soon. Americans have lost their ability to buy a home at an affordable rate under President Biden. https://t.co/m2YTAsOztQ
Renting now beats buying in all 50 major U.S. metros according to Bankrate’s latest study highlighting the cost-effectiveness of renting vs. buying a home. See the full report by @alex_gailey here: https://t.co/x33tP2enr4 #homeaffordability https://t.co/KKZoBb4zGl
Mortgage rates are back above 7%. Home buyers say they are resigned to the fact that the Federal Reserve won’t be lowering rates. But the Fed isn’t the only factor influencing mortgage costs. https://t.co/asOs8mhPZU https://t.co/asOs8mhPZU
The cost of high mortgage rates and housing scarcity: Average SF Bay Area mortgage payment: $8,486 Average SF Bay Area rental payment: $3,024 A difference of 180%. -@Bankrate
As home sellers, buyers wait on a Fed cut, here's how mortgage rates have impacted the spring housing market https://t.co/CRK9EFy0SZ
Buying a new home is now the most unaffordable it’s been since 1989. Failed Bidenomics has created a ruinous combination of high prices coupled with exorbitant interest rates. President Biden is destroying the American Dream for young families!
The dream of homeownership remains increasingly difficult for most Americans to achieve due to rising costs. Renting may be the best option for those looking for a house to call their own. https://t.co/PoCGjlS1oU
"Home-buying affordability fell last year to the lowest level since 1985, according to a National Association of Realtors index. The median household now needs more than 40% of its income to cover payments on a median-priced home, according to the Federal Reserve Bank of…
In Today's Economy, 58 Percent of U.S. Homeowners Can't Afford to Buy Their Current Home https://t.co/CiyxYTWXVn
#New: Bay Area median home prices jump again from one year ago: San Mateo County: $2.17M (+17%) Marin County: $1.96 M (+22%) Santa Clara Cty: $1.91M (+17%) San Francisco Cty: $1.75M (+2%) Alameda Cty: $1.4M (+16%) Source: @CAREALTORS
The typical person purchasing today’s median-priced home for about $420,000 has a record-high $2,864 monthly housing payment with a 7.1% mortgage rate, the current 30-year fixed-rate average, per Redfin.
New data shows the median price of a home in the Bay Area is up significantly from a year ago. https://t.co/hpZYGvvMQx https://t.co/vjGZTnwh3A
SKY-HIGH HOUSING COSTS PUSH HOMEOWNERSHIP OUT OF REACH FOR MANY U.S. RENTERS (MSN) Nearly 4 in 10 renters in a new nationwide survey say they don’t believe they’ll ever own a home, up nearly a quarter from less than a year ago. Rising home prices and mortgage rates continue to… https://t.co/N2rku5xG2J
LIVE VIDEO: @BobNBC is live at 6:04 with the latest on new data showing the median price of a home in the Bay Area is up significantly from a year ago. https://t.co/lKOyxhrgCc https://t.co/jitug4XXqs
The median price per square foot in this East Bay city now costs as much as it does in San Francisco. https://t.co/v1tw8uvwRl
LIVE VIDEO: New data shows the median price of a home in the Bay Area is up significantly from a year ago. @BobNBC is live at 5:04 with the details. https://t.co/seHzPc8hoQ https://t.co/RY5R4ZIypG
If you can't afford to buy a home right now, let it go. Renting's more cost-effective now anyway in all 50 of the largest U.S. metro areas, data show. https://t.co/ARzg7l8drs
Bay Area home prices at highest levels since summer 2022 https://t.co/hUQTlmuOen