San Francisco tops home ownership cost
Are you frustrated with your lack of success in finding a decent home in Silicon Valley? Are you unable to find any decent homes for sale in San Francisco? Well, you are not alone.
Last month when Infographic folks published the list of Home Ownership costs in Top 25 US cities, our beloved San Francisco topped the list with an Average Home Price of $682,410. The study also reported on Average Mortgage Payment and Salary Required to purchase such in Top 25 metro areas. The numbers for San Francisco were:
- Salary Required: $115,510
- Average Home Price; $682,410
- Average Mortgage Payment: $2,695.23
The report highlights the challenge of unsustainable housing situation in Silicon Valley and San Francisco where the boom in Social Media and Mobile technology jobs are fueling the rise of home prices. What’s not visible are the challenges these prices are creating for low wage workers who play a significant role in the success of these start-ups. These include secretarial, administrative, and janitorial jobs that are essential to the success of these successful companies based in Silicon Valley and San Francisco.
According to the Bay Area Council, for every high tech job added the local economy creates 4 jobs in support services. However, combination of tech-fueled prosperity along with failure of local governments, developers and employers have contributed to the affordable housing shortage for the workers in support services.
What this implies that if you are not making more than $20 per hour, there is no place for you to live in Bay Area. This means the folks delivering the Support Services for the tech companies all have to live and commute to Bay Area on a daily basis which creates its own challenges with congestion, traffic and carbon emissions.
So, it’s should come as no surprise that San Francisco ranks as number 3 city in the US with the most congested road and San Jose is not far behind at number 7! That’s why we welcome the employers initiative to implement shuttle service between San Jose and San Francisco to at least take some cars off the Bay Area roads.
Granted these shuttles are not goings to solve the affordable housing crisis in Bay Area, but they at least help minimize the damage. What do you think?
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