Families earning $117,000 now qualify as "low income" in California's Bay Area

[desiboys]

SAN FRANCISCO -- A report out this week from the Department of Housing and Urban Development finds the median price for a single-family home in the Bay Area is now $935,000. A family earning $117,000 now qualifies as "low income" in the region.

CBS News went to see California's red-hot housing market with realtor Larry Gallegos. He showed us a house you would think he couldn't give away. But Gallegos says the home, complete with leaks in the roof, sold for $1.23 million. The buyer beat out six competing offers, all above the asking price.

"It's a little mind blowing, but it is the norm around here," Gallegos said.

 

That norm is fueled by thousands of well-paid tech workers who have driven up the median price of a San Francisco house to $1.6 million dollars, the highest in the country. While housing prices are rising faster than incomes nationwide, nowhere is it more evident than in the Bay Area, where home values have soared a staggering 64 percent over the last five years.

That could explain how a 1,000-square-foot shell of a house in the heart of Silicon Valley sold for close to $1 million dollars. Also recently listed? A burned out home near Google and Apple.   

Serious buyers also better bring cash. Just ask Sally Kuchar, who tracks real estate for the website Curbed San Francisco.

"We cannot afford to live here, nor could we afford to live pretty much anywhere in the Bay Area," she said.

The same goes for teachers, hospital workers, police officers and working people all over, who make up the lifeblood of any community.  

One flier could speak for the entire Bay Area housing market:  "Enter at your own risk."

 

[solman]

@Spartan

[gudboy]

[TOM_BHAYYA]

Rey Rey reyyyy

adhi maa dhaggara implement chesthe.. 95% low income kindhake ostharu ra

[JANASENA]

3 minutes ago, TOM_BHAYYA said:

Rey Rey reyyyy

adhi maa dhaggara implement chesthe.. 95% low income kindhake ostharu ra

Maa thana 100% tammi

[Mokkapati656]

calling @futureofandhra to answer the below 

[Spartan]

1 hour ago, solman said:

@Spartan

Low Income housing chuskovali nenu inka.

[perugu_vada]

935k ah house ki  idharu work cheyakapothe chala kashtam

[solman]

3 minutes ago, Spartan said:

Low Income housing chuskovali nenu inka.

[desiboys]

1 minute ago, perugu_vada said:

935k ah house ki  idharu work cheyakapothe chala kashtam

Inka next year recession start ayyaka job pothe house foreclose chesukovalsina paristhithi vasthundi. Bay area lo house konatam pedda risk.

[Spartan]

2 minutes ago, perugu_vada said:

935k ah house ki  idharu work cheyakapothe chala kashtam

monna ma intit deggara..paadubadda lot 10K sq yrds..with little construciton...990K ki list cheste..

2nd day 1M cash katti teskunnadu okadu..a rang elo undi market.

[perugu_vada]

3 minutes ago, desiboys said:

Inka next year recession start ayyaka job pothe house foreclose chesukovalsina paristhithi vasthundi. Bay area lo house konatam pedda risk.

 

2 minutes ago, Spartan said:

monna ma intit deggara..paadubadda lot 10K sq yrds..with little construciton...990K ki list cheste..

2nd day 1M cash katti teskunnadu okadu..a rang elo undi market.

Way over-hyped man  konchem theda aina market real-estate will experience free-fall, as the rates are very high now  texas lo ne ipudu janalu 550-600k petti kontunaru ante ardham chesko, 6yrs back 220-250k petti single-family houses konevallu 

[desiboys]

2 minutes ago, perugu_vada said:

 

Way over-hyped man  konchem theda aina market real-estate will experience free-fall, as the rates are very high now  texas lo ne ipudu janalu 550-600k petti kontunaru ante ardham chesko, 6yrs back 220-250k petti single-family houses konevallu 

Texas tharuvatha nashville, st louis lo housing boom vasthundi

[Spartan]

3 minutes ago, perugu_vada said:

 

Way over-hyped man  konchem theda aina market real-estate will experience free-fall, as the rates are very high now  texas lo ne ipudu janalu 550-600k petti kontunaru ante ardham chesko, 6yrs back 220-250k petti single-family houses konevallu 

no, ma county lo 2008 recession appudu there was no significant change in housing prices..maximum oka 100K teda unde ante.

appudu 700K ki konna illu ippudu 1.3M palkutunnai..

main issue is demand is way more than the supply.

 

[Quickgun_murugan]

11 minutes ago, desiboys said:

Inka next year recession start ayyaka job pothe house foreclose chesukovalsina paristhithi vasthundi. Bay area lo house konatam pedda risk.

nuvvippudu Nostradomous laaga predictions chestunnava Recession ration card ani