Households need to earn over $260,000 to afford Bay Area home, report says
NBC Bay Area
[{'start': '0.960', 'end': '5.120', 'text': 'We know this firsthand. The cost of'}, {'start': '2.720', 'end': '6.799', 'text': 'making it in the Bay continues to soar.'}, {'start': '5.120', 'end': '8.800', 'text': "New numbers show just how much you're"}, {'start': '6.799', 'end': '12.320', 'text': 'going to need to make to buy a home'}, {'start': '8.800', 'end': '14.559', 'text': "here. It's a lot. Here's NBC's Ian Cole."}, {'start': '12.320', 'end': '16.960', 'text': 'The cost of making it in the Bay is'}, {'start': '14.559', 'end': '18.640', 'text': 'soaring. New data shows a big jump in'}, {'start': '16.960', 'end': '21.039', 'text': 'the amount of money you need to buy a'}, {'start': '18.640', 'end': '23.160', 'text': 'home in the Bay Area in just the past 5'}, {'start': '21.039', 'end': '26.359', 'text': 'years. The latest figures from'}, {'start': '23.160', 'end': '28.880', 'text': 'realtor.com show you need to make'}, {'start': '26.359', 'end': '30.960', 'text': '$263,000 a year to afford the median'}, {'start': '28.880', 'end': '32.960', 'text': 'home price in the San Francisco and'}, {'start': '30.960', 'end': '35.640', 'text': "Oakland market. In the South Bay, you'll"}, {'start': '32.960', 'end': '38.960', 'text': 'need a household income of'}, {'start': '35.640', 'end': '42.239', 'text': "$370,000. That's 54% higher than what"}, {'start': '38.960', 'end': '44.559', 'text': 'you needed in 2019. And that fact is'}, {'start': '42.239', 'end': '46.800', 'text': 'crushing for many looking to buy.'}, {'start': '44.559', 'end': '49.600', 'text': "Terrible. It's crazy. Especially right"}, {'start': '46.800', 'end': '52.879', 'text': "now with the economy. I'm a teacher, so"}, {'start': '49.600', 'end': '56.480', 'text': "I'm barely breaking over 100K. I will"}, {'start': '52.879', 'end': '58.800', 'text': 'never, right, reach that maximum. The'}, {'start': '56.480', 'end': '60.559', 'text': 'figure from realtor.com also puts the'}, {'start': '58.800', 'end': '64.239', 'text': 'median home price in the South Bay at'}, {'start': '60.559', 'end': '66.960', 'text': '$1.4 million and includes a 20% down'}, {'start': '64.239', 'end': '68.960', 'text': 'payment of about 300 grand. For'}, {'start': '66.960', 'end': '70.880', 'text': "perspective, at today's rates, that"}, {'start': '68.960', 'end': '74.080', 'text': 'monthly mortgage payment would set you'}, {'start': '70.880', 'end': '77.520', 'text': 'back more than $8,000 a month. you know,'}, {'start': '74.080', 'end': '79.840', 'text': 'we do have some buyers that um have, you'}, {'start': '77.520', 'end': '82.960', 'text': 'know, been in the market and have made'}, {'start': '79.840', 'end': '84.560', 'text': 'some equity coming in with money, but um'}, {'start': '82.960', 'end': '86.640', 'text': "for the first time buyer, it's really,"}, {'start': '84.560', 'end': '88.080', 'text': 'really tough. Tammy Peters is the'}, {'start': '86.640', 'end': '90.560', 'text': 'president of the Silicon Valley'}, {'start': '88.080', 'end': '92.079', 'text': 'Association of Realtors and says her'}, {'start': '90.560', 'end': '94.640', 'text': 'numbers show the median home price in'}, {'start': '92.079', 'end': '96.880', 'text': 'the South Bay is closer to 1.8 million,'}, {'start': '94.640', 'end': '99.360', 'text': 'but says most of the down payments she'}, {'start': '96.880', 'end': '101.840', 'text': 'sees these days are from people cashing'}, {'start': '99.360', 'end': '104.479', 'text': "in company stock. I've had listings"}, {'start': '101.840', 'end': '107.680', 'text': 'recently and all of the buyers have come'}, {'start': '104.479', 'end': '110.159', 'text': 'in with very large down payments. So, I'}, {'start': '107.680', 'end': '113.119', 'text': 'just sold one for 2.4 and they had over'}, {'start': '110.159', 'end': '115.119', 'text': '50%. She joined us from Sacramento where'}, {'start': '113.119', 'end': '116.799', 'text': 'realtors are meeting with legislators'}, {'start': '115.119', 'end': '118.560', 'text': "today. Peter says they're urging"}, {'start': '116.799', 'end': '120.960', 'text': 'lawmakers to make it easier for'}, {'start': '118.560', 'end': '123.439', 'text': 'developers to get home building permits'}, {'start': '120.960', 'end': '125.600', 'text': 'so more housing can be built. The hope'}, {'start': '123.439', 'end': '128.160', 'text': 'is more inventory would mean lower'}, {'start': '125.600', 'end': '130.479', 'text': 'prices for those trying to make it in'}, {'start': '128.160', 'end': '134.000', 'text': "the bay. it it's impossible unless you"}, {'start': '130.479', 'end': '137.360', 'text': 'have another partner or spouse who is'}, {'start': '134.000', 'end': '139.200', 'text': "making well beyond what I'm making. Um,"}, {'start': '137.360', 'end': '140.800', 'text': "considering having a family, that's out"}, {'start': '139.200', 'end': '143.840', 'text': 'of the question, right? All of those'}, {'start': '140.800', 'end': '147.520', 'text': 'pieces add up together. Um, feels like a'}, {'start': '143.840', 'end': '147.520', 'text': 'broken dream. in the South Bay.'}]