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.
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.