Most Middle-Class, Millennial Homebuyers Priced Out of Bay Area

PRICED OUT

Pacific Union points out that despite Bay Area residents earning some of the highest wages in the country, many middle-class and millennial homebuyers find themselves priced out of the local housing market.

Although Bay Area residents earn some of the highest wages in the nation, our real estate markets rank among the least affordable for both middle-class and millennial homebuyers, a recent report says.

A Trulia study found that middle-class residents in the San Francisco metro area could afford just 15 percent of homes for sale in November, making it the country’s least affordable market for that demographic. In the San Jose region, middle-class buyers could afford 30 percent of properties on the market, sixth lowest in the nation. Across the U.S., 59 percent of homes for sale were within reach of the middle class, Trulia says.

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