CBS SF Bay Area
April 4, 2014
More than half of the homes in the Bay Area are “unaffordable,” and median income home buyers are spending more on mortgages now than they before the real estate bubble, according to a study released Friday by Zillow.
Home buyers in the five-county region defined by Zillow spend 39.3 percent of their income or $2530 per month on the mortgage for a median-priced home. That’s compared to just 37.7 percent from 1985-2000, what is considered the “pre-bubble” years.
Nationally, just 33 percent of homes are considered “unaffordable” according to Zillow.