Who's buying the ~4M homes in MVLA?
Redfin gives ~20k monthly mortgage payment. Who can afford that? Do these people even meed a mortgage? Why so many people has this huge affordability?
Sounds like you’re still early in your career. That house needs an income between 600k and 800k. A double income family in tech, finance, or medicine should be able to earn as much.
I've been in the industry for a decade. So yes call me loser
Ok. If you insist.
Just marry someone in Facebook and you can afford it, providing fb does not tank again
It’s better to marry someone who is about to sell their startup for millions. Much higher ROI is expected.
Requires a 400k/year income which is very attainable in the bay especially for a couple.
I have a 400k/yr income and would hesitate at spending 1M for a house. 4M would be incredibly house poor.
Hah, me too. Glad I’m not alone!
It depends how much down you got. Traditional personal finance practice says house price should not exceed 5x household income. Not sure if it applies to 4m home though.
I know that feel. Doing well individually isn't good enough for the bay area. You also need to be with someone who is making as much as you if not more. My GF makes < 100K a year so there's no way we can afford a house in the bay area.
Sad
Get a better paid GF. If you want a house upgrade, you need a GF upgrade first.
People selling starter homes that appreciated 1-3X post crash
IMHO It’s how much you’re able to put down. I was sitting on some RSUs that went up 5X so had a bunch of disposable income and so paid 40% down. Also sold my previous home which had appreciated about 30% so consolidated, am now able to afford the lower monthly payments.
Don’t forget the property taxes of around $50k/yr
Is it that much? Do you have any sources?
I don’t know specifically for that area but I was assuming it’d be around 1.2-1.25% (please correct me if I’m wrong). If there is Mello-Roos then it can get as high as 1.9%
Because people who sold their companies for millions can buy the house in all cash