It is no secret living in the Bay Area comes with a high price tag.
A new report from the California Association of Realtors solidifies what is already known about the region’s pricey real estate. The association reports anyone wanting to buy a median-priced home in San Mateo County will need to earn more than half a million dollars a year — $524,000 to be exact.
Yep, just over half a mil to purchase on the Peninsula. The minimum qualifying amount for a median-priced home in Santa Clara County goes down a notch to the tune of $482,400 annually.
In San Francisco, one would need to make just north of $400,000 a year.
The association said those staggering numbers are the result of the Bay Area’s unique mix of high tech salaries and low housing inventory.
Business and tech reporter Scott Budman examines the latest numbers and what is fueling the rising prices. Watch his report in the video above.
Scott Budman and Kristofer Noceda
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