FRIDAY - the week before memorial day
- San Franciscans need to earn $333,000 a year to buy a median-priced home
- What does $3,500 rent you in the Bay Area?
- Bay Area condo market heats up as alternative to pricey homes
- Faced with a housing crisis, California could further restrict supply
- Californians could vote on as many as five housing measures in November
- These are the jobs being priced out of the Bay Area, according to Indeed
- 7 Ideas to Get Your Back-of-the-Island Storage Right
- Get a Shed! And 7 More Ways to Make the Most of the Weekend
Enjoy!
San Franciscans need to earn $333,000 a year to buy a median-priced home - In the first quarter, a Bay Area household would have needed at least $186,300 in annual income to make the $4,660 monthly payment on a $900,000 home, with mortgage rates at 4.44 percent. The association figured that 23 percent of Bay Area households earned at least that much, but affordability varied widely by county. In San Francisco and San Mateo counties, only 15 percent of households could afford a median-priced home, which averaged $1,610,000 and $1,575,050, respectively, during the first quarter. A household would need around $333,000 and $326,000 in annual income, respectively, to buy those homes.
What does $3,500 rent you in the Bay Area? - Using data from rental site Zumper, we looked at rentals priced at $3,500/month in San Francisco, San Jose, Santa Clara, San Mateo and Livermore to get a sense of what a housing dollar buys in those respective locations. Take a peek at what rentals are on the market.
Bay Area condo market heats up as alternative to pricey homes - The median sale price for a condo unit in Santa Clara and San Mateo counties last month was $810,000, up 20 percent from the same time last year, according to real estate marketing firm Polaris Pacific. Median sale prices for units in Oakland and Emeryville climbed 4.5 percent, to $575,000. And San Francisco gained 2.7 percent, with a median price of $1.17 million.
Faced with a housing crisis, California could further restrict supply - The renewed push for an expansion of rent control comes at a time of fierce debate over the future of California’s biggest cities, where housing is in short supply and rents have been rocketing. According to Trulia, a property-rental and sales platform, median rents in Oakland grew by 51% between 2012 and 2017; in San Francisco, they grew by 38% over the same period. Over half of California’s renters spend more than 30% of their income on shelter, according to the California Budget and Policy Centre, a research group. Instead of straining to cobble together rent, many Californians are trading palm trees for cheaper pastures in Texas, Arizona and Nevada. Others have been forced onto the streets. Homelessness in California rose by 14% between 2016 and 2017, according to the Department of Housing and Urban Development, a federal agency, compared with 1% nationally.
Californians could vote on as many as five housing measures in November - In addition to the homeless housing plan, backers of initiatives to expand rent control, increase Proposition 13 benefits for homeowners and finance the cleanup of lead paint in homes all say they’ve collected enough signatures to ensure their proposals can make the ballot. Lawmakers have already agreed to put a $4-billion bond to subsidize new developments for low-income residents and provide home loans for veterans before voters in November.
These are the jobs being priced out of the Bay Area, according to Indeed - In every growing city, there must be someone who can finish the concrete. And that someone needs to be able to live nearby. But as a new report from job-hunting site Indeed outlines, a number of workers in essential careers — like those who can build sidewalks — cannot afford to live in the Bay Area anymore. Nationwide, some specialized workers in construction, landscaping, custodial and customer support aren't making enough or getting the work opportunities required to keep up with the high cost of housing.
7 Ideas to Get Your Back-of-the-Island Storage Right - From doors to drawers — and more — here’s how to maximize your island storage
Get a Shed! And 7 More Ways to Make the Most of the Weekend - Get your bike in order, plant tomato seedlings and make plans for a game night or a grad party
