According to a report published by the Department of Housing and Urban Development the median cost for a one family home in the well-known Bay Area is now upto staggering amount of $935,000. A family which is bring in $117,000 is now classified as ‘low income’ in the mentioned region.
The housing market in the area is booming, according to a media report a leaked house that would be very cheap in any other average area was sold for the amount of 1.23 million dollars and not only that, the guy who won the house in the bidding got the house after beating six other competitors. The final price was way about the original asked price. ‘It’s a little mind-blowing, but it is the norm around here,’ the reporter said.
San Francisco is a technological hub, and as it is generally known the tech workers are paid handsome amount salary and it resulted in the driven up median price of a single house in the city to 1.6 million dollars, which is insanely high, as a matter of fact it is the highest in the United States. Generally speaking, housing is becoming more expensive by the day in whole nation but no other place goes near as San Francisco’s Bay Area. The home value in the said area have risen upto 64 percent in a matter of only 5 years. .
That may very well explain how a thousand-square-foot shell of a house in the between of Silicon Valley was bought for for close to $1 million dollars. Also recently place for selling? A fully burned-out house near Google and Apple.
Genuine buyers also better bring cash with them. Sally Kuchar, who works for a website Curbed San Francisco as a tracker.
‘We cannot afford to live here, nor could we afford to live pretty much anywhere in the Bay Area,’ she told.
The same applies on teachers, hospital workers, police officers and working people all over, who make up the backbone of any community. One board could speak for the entire Bay Area housing market: ‘Enter at your own risk.’