The San Francisco Bay Area, commonly known as the Bay Area, is a populated region that surrounds the San Francisco and San Pablo estuaries in Northern California. The region encompasses the major cities and metropolitan areas of San Francisco, Oakland, and San Jose, along with smaller urban and rural areas. The Bay Area's nine counties are Alameda, Contra Costa, Marin, Napa, San Francisco,San Mateo, Santa Clara, Solano, and Sonoma. Home to approximately 7.15 million people, the nine-county Bay Area contains many cities, towns, airports, and associated regional, state, and national parks, connected by a network of roads, highways, railroads, bridges, tunnels and commuter rail. The combined urban area of San Francisco and San Jose is the second largest in California (after the Greater Los Angeles area), the fifth largest in the United States, and the 56th largest urban area in the world. (Wikipedia)
It is reported that in order to buy a medium-priced home valued at $682,410 the buyer is expected to have an annual income of $115,510 in order to come up with the monthly principal and interest payment of $2,695.23.
Here is the full list of income needed to buy a home in 25 metro areas in the fourth quarter, from most to least affordable:
1. Cleveland: $19,435.17
2. Cincinnati: $22,226.95
3. St. Louis: $22,397.54
4. Atlanta: $24,390.94
5. Tampa: $24,650.88
6. Orlando: $28,298.47
7. San Antonio: $29,305.47
8. Dallas: $29,751.24
9. Houston: $31,298.99
10. Chicago: $32,388.90
11. Phoenix: $32,811.94
12. Minneapolis: $33,800.09
13. Philadelphia: $36,836.47
14. Baltimore: $41,155.40
15. Sacramento: $42,832.20
16. Miami: $43,918.66
17. Portland, Ore.: $45,872.78
18. Denver: $48,122.72
19. Seattle: $59,129.86
20. Washington, D.C.: $62,809.63
21. Boston: $63,673.13
22. New York City: $66,167.27
23. Los Angeles: $72,126.90
24. San Diego: $81,570.40
25. San Francisco: $115,510.06
With the prevailing low inventory, the medium price of the homes will continue to rise as investors and buyers are becoming active and aggressive to grab a home nowadays.
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