December 9, 2012

10 Least Affordable Metros: We Are Number 2. You Are Number 6.

CNN/Money has another one of their Most/Least/Best/Worst/Good/Evil slideshows that could have been presented as a table, but then they'd get ten fewer click-throughs. This time it's one of our favorite regional competitions, for 10 Least Affordable Cities for buying. Actually it's Least Affordable Metros, but it sounds better if they call them cities, even if a couple of them are known locales for multiple Portals to Hell and very few yachts or polo ponies.

10 least affordable cities to buy a home

BY LES CHRISTIE @CNNMONEY – LAST UPDATED NOVEMBER 29 2012 02:02 PM ET

Looking to buy a home? You may want to skip these places. Prices are either so high or incomes so low that many families can't afford to buy homes here, according to the National Association of Home Builders/Wells Fargo Housing Opportunity Index.

Anyway, we lost to New York City again, which is just so unfair. This isn't even an SF to Manhattan comparison, so we should have kicked serious butt here. However, California totally owns the Least Coast as far as leaderboard spots, and Washington DC didn't even qualify. We present the results in one easy list, so you don't have to click through their annoying one-city-at-a-time-gee-who-could-be-next-and-if-this-was-so-exciting-why-didn't-they-put-it-in-reverse-order-Top-Ten-List-style?

  1. New York, where 28.5% of homes are affordible. They seemed impressed by $1100 a square foot, too. But they didn't define the boundaries of any of these metro areas, so of course we can (and will) complain we were cheated on geographical grounds. We doubt this was an apples-to-Big-Apples comparison.
  2. San Francisco, 31.4%. The piece laments it's unaffordable all over, because nearby communities are also expensive. Nearby high-priced places such as Sausalito, Berkeley, and… wait for it… Daly City. We swear we are not making this up.
  3. Santa Ana, 43.5%. I kid you not. Perhaps the nearby beach towns are pulling up its results. And Disneyland. Because Santa Ana is not what comes to mind when we think “delightful but so unaffordable California real estate.”
  4. Los Angeles, 44.1%. Because “bunus” hydrocarbons and ozone raise home prices. Seriously, when did LA rediscover the bubbly?
  5. Bridgeport, Connecticut, 44.2%. Look, if you have to tell us what state the metro is in, maybe it isn't really worth mentioning. Just sayin'.
  6. San Jose, 46.2%. Above is the lovely photo they used to feature the Capital of Silicon Valley, probably because the Quetzlcoatl statue made the photog drop a perfectly good camera. Not one other metro had a freeway interchange featured. Not even Los Angeles, which loves its freeways so much they get definite articles. We suspect they're also putting their thumb on the scale by adding in San Benito County.
  7. Honolulu, 48.8%. Houses cost more because of good weather, expensive shipping, and hotel jobs pay squat. But they get a photo with palm trees.
  8. San Diego, 54.6%. Here the filler text spends more time lamenting the glory days of 6% affordability during the last bubble. Well screw you, because we're already on our next one.
  9. Newark, 55.3%. No, not that one, in New Jersey. Although Newark itself is cheap. It's la-di-da luxury locales like Hoboken and Jersey City that cost the big bucks. We're sure it's a complete coincidence that NJ made the list even though the feature author's surname is Christie.
  10. El Paso, 61.7%.This is an honest case of low overall incomes ($41.7K) as opposed to expensive housing ($141K).

Let us know if you find any of these results surprising, or what you plan to do to ensure we never lose to New York or LA or The OC ever again.. Or mention anything you want, because this is Your Weekend Open Thread.

 

Comments (7) -- Posted by: madhaus @ 5:04 am






June 23, 2012

Saturday Open Thread: Rename that Island

Happy weekend! Going on a vacation? Of course not! The Real Bay Area is so awesome, you’ll staycate all summer. And what could be better than going to work, anyway?

Unless your name is Larry Ellison, and you can afford to buy most of a Hawaiian island for yourself.

Your mission is to rename the island to something more appropriate. Like Larai.

Update: Oh yeah, this is also an open thread. Duh.

 

Comments (35) -- Posted by: madhaus @ 5:07 am

March 13, 2009

Comparing house prices in beach areas

91809 Makule Rd, Ewa Beach, HI, 96706 – MLS ID#2902663 – Single Family Home real estate – REALTOR.com®

91809 Makule Rd  Ewa Beach, HI 96706
$559,000
4 Bed, 3 Bath | 1,621 Sq Ft on 0.12 Acres (5,337 Sq Ft Lot) |
MLS ID #2902663

726915034-91809

Ok, I don’t know much about Hawaii honestly – but I figured given all the references in yesterday’s post, I should take a look.

Hm… you could live in Montara beach for $980 per square foot in a 560 sqft cottage, or you could live at Ewa Beach in Oahu for $344 per square foot.

Tough choices. But at the end of the day, only one of them is in the Bay Area – and hint it is not Hawaii.

Now that I think about, gosh am I surprised at how cheap it is to live in Hawaii! But then again, shouldn’t there be a big discount for a place where people have to hoard toilet paper periodically?

Scary indeed!

Comments (18) -- Posted by: burbed @ 5:53 am