Yes, another danged list! This time San Jose is #8 on the Least Affordable Housing Market list created by Trulia. Not only that, Oakland and San Francisco are ranked even better! Let’s have a look, and also at this article that referenced the Trulia list.
Thanks very much to Burbed reader Petsmart Groomer for sending in the second article.
|Rank||US Metro||% of monthly avg wage to pay mortgage||YOY % change in prices|
|2||San Francisco, CA||55%||19.6%|
|3||Orange County, CA||44%||21.2%|
|4||Ventura County, CA||41%||15.4%|
|5||Los Angeles, CA||41%||17.4%|
|6 (tie)||San Diego, CA||37%||16.8%|
|6 (tie)||Oakland, CA||37%||31.2%|
|7 (tie)||Long Island, NY||35%||1.1%|
|7 (tie)||New York, NY-NJ||35%||4.6%|
|8||San Jose, CA||33%||23.2%|
Affordability is measured as a mortgage payment at 3.8%, 30 year fixed, on an 1800 sf home at median price per sf divided by local average monthly wage for a worker.
Not only that, Oakland and San Jose metros are the 1-2 punch of year over year housing price increases, greater than every other Top 100 metro that Trulia examined. San Francisco is also showing frightening gains at 19.6%, right behind Orange County.
But remember, 8s are very, very lucky. Tell us how you feel about so many California cities on the Least Affordable List? Are you going to keep renting or are you determined to get out there and overbid?
The Wall Street Cheat Sheet piece conveniently left our old nemesis Manhattan and environs off its list by completely ignoring it. After all, if you can’t increase housing prices by double digits, what the heck are you doing calling yourself unaffordable?
Now, what are we going to do about Honolulu? We’d better get those median housing prices up past a million in at least 15 more cities by next week!