It’s search engine result Thursday!
Recently someone found this site by searching for: “how many can afford $700000 home”
Well, let’s do some basic math. Let’s assume that everyone who has a tech job makes at least $100k. This is obviously at the low end, but round numbers make it easy.
Now let’s assume that these people are married/partner’ed with another tech worker. That’s $200k!
Now, in the rest of the nation, the “safe” mortgage limit is 3x gross salary. But in the Bay Area, real estate prices are a sure bet, as are jobs. Let’s bump this up to 4x.
So… in the Bay Area, a typical family can borrow up to $800,000 safely! And that doesn’t even include a downpayment.
I guess the answer is: everyone!