American Dream of buying a home may be unattainable for majority of Bay Area residents, study finds

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A new study says fulfilling the American Dream of buying a home is not attainable for the vast majority of Bay Area residents. (KGO-TV)

A new study says fulfilling the American Dream of buying a home is not attainable for the vast majority of Bay Area residents.

A California Association of Realtors study shows that fewer than one in five Bay Area residents can afford to buy into the local market.

RELATED: $117,000 a year considered 'low income' in some Bay Area counties, new report finds

The report states that a household income of about $220,000 is needed to buy a home at the median price of at just over $1 million.

To put that into perspective, the typical San Francisco household makes about $97,000 per year.
Related Topics:
realestateaffordable housinghousinghousing marketreal estate developmentstudyrental propertyrentersrentseconomyfinancepersonal financeSan Francisco
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