Bay Area housing prices: A look at the outrageous numbers
SAN FRANCISCO (KGO) -- We're committed to finding ways to improve the issues that affect our quality of life. We call it Building a Better Bay Area. Over the course of a week we're tackling one issue that affects all of us - housing. We all know the real estate market in the Bay Area is wild. But just how bad is it?
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Let's start with San Francisco. Want to rent a one-bedroom apartment? The median price is more than $3,600 a month -- almost a grand more than New York City.
If you think maybe you can escape to San Jose or Oakland, bad news: Both are also two of the top 10 most expensive cities for renters in the country. Average rents there are more than $2,600 per month (which is probably why one out of every five millennial are still living with their parents).
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When it comes to buying a house, the median home price in San Francisco is more than $1.3 million. San Jose is not far behind at just over $1 million, and in Oakland it's (only!) $735,000.
If you do want to buy a house in San Francisco, some assessments show you need to be making $172,000 a year. And if you haven't started saving for that down payment, co-investment company Unison did the math. It would take someone 40 years to save for a down payment on the average price home in San Francisco. 40 years!
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Experts say home prices will continue to go up in 2019, but at a slower pace than in 2018.
From Wednesday, July 31 through Wednesday, Aug. 6, ABC7 will have an in-depth look at housing issues throughout the Bay Area. We're searching for real solutions that will impact our communities.
Take a look at ABC7's latest stories and videos about efforts to Build a Better Bay Area.
