We’ve been boosting the Bay Area Bubble 4.0 news all year. Now, another voice joins in the chorus we started months ago. And this is a one of our long-time fans, PK from DQYDJ! That stands for Don’t Quit Your Day Job. Recently PK revisited the post that introduced the Bay Area Income and Home calculator, so this is definitely worth your while!
Two years ago (well, September 28, 2011 anyway), we regaled you on this site with tales about how the Bay Area’s home prices – while admittedly quite high – were complete justifiable. If you don’t have time to read those prescient words, I can summarize: home prices may have been high in 2011, but Bay Area households pulled in a ton of income (second only to the Government driven economies around Washington, D.C.), making houses somewhat affordable to many households in the area.
Am I proud of that call now that we’ve seen 20% year over year price returns in many areas, and 52% absolute returns on the house I purchased in July 2011? Well, yeah, of course I am. However, the mark of a truthful person is to change your opinion when presented with new data. Here’s to being honest: the Bay Area is getting pretty frothy.
While we do want you to head over to PK’s site and read it, we’ve got the new calculators for you to play around with right here for afters. First, here’s where you can see how well your income stacks up against the competition. Zuckerberg, you’re not, but go ahead and type in your income and see where you are compared to everyone else.
Remember, Inner Bay Area isn’t quite the same thing as Real Bay Area, because the former is by county. Everyone in San Francisco, San Mateo and Santa Clara is included. Unfortunately they also invited Alameda and Contra Costa Counties, and by adding those East Bay locales the numbers already skew down. Leaving out Marin County made prices even lower! Wanted: data so we can unskew these calculators by zip code!
Next, here’s the home edition, whoops, the home value edition. Are you building a Larry Page-type compound in the most prestigious part of Palo Alto? Didn’t think so. But you can find out how affordable your home is, or the home you’re thinking of buying, or the home Larry Page is going to buy.
Let us know what you think of PK’s calculators, or anything else you’d like to talk about. Yes, it’s Weekend Open Thread time! How affordable were the Open Houses you saw this weekend?