Most of the San Francisco residents will find it hard to purchase a home given the rising cost of houses. Based on a study conducted by the California Association of Realtors (C.A.R.), only 10 percent of prospective home owners in the area could afford to buy a single family house.
C.A.R. released their 2nd Quarter Home Affordability report Tuesday, August 11, which indicated that San Franciscans will need an income of $267,780 in order to purchase a house, reports Bloomberg. This translates to a home affordability index of 10 percent, lower than the 12 percent posted during the first quarter of 2015. The median price of homes in the area reached $1.35 million, with monthly payments of $6,690. The monthly payments are based on a 30 year fixed-rate loan and already includes taxes and insurance fees.
The C.A.R. report also showed a drop in California’s housing affordability index for the year’s second quarter, with only 30 percent of home buyers able to purchase a single family house. This is down 2 percent from the first quarter of 2015 and flat from the same quarter in 2014. The drop is attributed to the rising trend in home prices across various U.S. states.
At Gay Realty Watch, we look for news to share with you about the gay real estate market – both lgbt real estate news and news specific to gay and lesbian real estate meccas.
If you have a gay real estate story that you’d like to share with us, contact us at [email protected]