San Francisco Bay Area Housing Affordability, Q3 2019

By
Real Estate Agent with Compass CA DRE# 01215160

A few days ago the California Association of Realtors released its Q3 housing affordability index. It shows a generally stabilizing or slightly declining median home price in San Francisco County, plus increasing median household incomes. Those factors, combined with falling interest rates equals a jump in year-over-year Bay Area housing affordability.

The California Association of Realtors Housing Affordability index estimates the percentage of households who can afford to buy a median priced HOUSE with a 20% down payment at prevailing fixed 30-year interest rates, with associated housing expenses such as taxes and insurance. Some charts of this data follow.

Q3 2019. Bay Area housing affordabililtyQ3 2019. Bay Area monthly housing costsQ3 2019. Bay Area housing qualifying income

Remember, counties contain cities, and cities contain neighborhoods of widely varying values, market conditions and affluence. Varying the amount of down payment, type of loan and type of property changes these statistics. If you would like detail about your San Francisco, San Mateo County or the Silicon Valley, let me know. I'm happy to drill down for you.

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Groups:
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San Francisco Bay Area Real Estate
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Tags:
san francisco bay area
market analysis
housing affordability
q3 2019
median house prices
bay area counties

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Rainmaker
2,792,096
Laura Cerrano
Feng Shui Manhattan Long Island - Locust Valley, NY
Certified Feng Shui Expert, Speaker & Researcher

Exactly. Housing affordability is the main thing, first and foremost and everything else is following up with that

Nov 13, 2019 10:00 PM #1
Rainmaker
5,125,640
Barbara Todaro
RE/MAX Executive Realty - Franklin, MA
Marketing Agent for The Todaro Team

Good morning, Lottie Kendall many areas are fairly stable.... not too many extremes, if I'm reading it properly.....

Nov 14, 2019 03:32 AM #2
Rainmaker
3,217,966
Nina Hollander
Coldwell Banker Residential Brokerage - Charlotte, NC
Your Charlotte/Ballantyne/Waxhaw/Fort Mill Realtor

Good morning, Lottie... we have been "lamenting" the decrease in housing affordability in the Charlotte metro area in recent years... but compared to your costs in the Bay Area... we need to shut up. :)

Nov 14, 2019 04:33 AM #3
Rainmaker
3,370,893
Wayne Martin
Wayne M Martin - Chicago, IL
Real Estate Broker - Retired

Good morning Lottie. For this boy from the midwest the word "affordable" and San Francisco real estate have no place in the same sentence. Enjoy your day!

Nov 14, 2019 04:41 AM #4
Rainmaker
2,073,458
Patricia Feager, MBA, CRS, GRI,MRP
DFW FINE PROPERTIES - Fort Worth, TX
Selling Homes Changing Lives

Hi Lottie!

I hope you're having a lovely day and life is good in beautiful San Francisco and its surrounding areas! You posted great news about more people having the ability to buy affordable homes in California! Higher wages helps a lot! And when buyers can live in such a beautiful location that offers so much more than other cities can in different states, that's pretty remarkable! 

Buyers and Sellers are always in good hands when you represent them in their transactions. 

Nov 14, 2019 06:03 AM #5
Ambassador
3,860,713
George Souto
George Souto NMLS #65149 FHA, CHFA, VA Mortgages - Middletown, CT
Your Connecticut Mortgage Expert

Lottie my wife grew up in San Mateo.  The cost of housing there now has skyrocketed from the time she lived there.

Nov 14, 2019 01:37 PM #6
Rainmaker
1,816,401
Lottie Kendall
Compass - San Francisco, CA
Helping make your real estate dreams a reality

George Souto - when I bought my first house in San Carlos in 1972, two towns away from San Mateo, we paid $37,750 for a little 2BR/1BA house -- my neighbor told me I had made a bad mistake, that it wasn't worth nearly that much 

Nov 14, 2019 01:58 PM #7
Rainmaker
1,816,401
Lottie Kendall
Compass - San Francisco, CA
Helping make your real estate dreams a reality

Housing affordability is crucial, Laura Cerrano and Patricia Feager, MBA, CRS, GRI,MRP - while the increase in affordability this year is nice, it has a ways to go!

Nov 14, 2019 01:59 PM #8
Rainmaker
1,816,401
Lottie Kendall
Compass - San Francisco, CA
Helping make your real estate dreams a reality

No question, Nina Hollander that affordability in the SF bay area is woefully low. We do have lots of extremely well-paid jobs for the fortunate ones.

Nov 14, 2019 02:01 PM #9
Rainmaker
1,816,401
Lottie Kendall
Compass - San Francisco, CA
Helping make your real estate dreams a reality

Hello Wayne Martin - "affordable" is certainly different in different areas of the country, in different cities in this area, and in different neighborhoods in each city. Many people who choose to live here accept smaller spaces, perhaps a condo instead of a single-family house, a longer commute.

Nov 14, 2019 02:03 PM #10
Rainmaker
5,511,385
Roy Kelley
Realty Group Referrals - Gaithersburg, MD

This is a good report to share with prospective home sellers and home buyers.

Nov 15, 2019 04:34 AM #11
Rainmaker
1,816,401
Lottie Kendall
Compass - San Francisco, CA
Helping make your real estate dreams a reality

I think so, Roy Kelley - I've had one person comment about it since I sent it out via email.

Nov 15, 2019 07:15 AM #12
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Lottie Kendall

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