S.F. Too Expensive for Tech Workers

Everyone knows living in the San Francisco Bay Area isn’t cheap, especially for people like teachers, firefighters, and service-industry workers whose wages haven’t kept up with the skyrocketing cost of housing in one of the nation’s most expensive places to live.

But increasingly, even tech workers — some of the Bay Area’s highest-paid residents — are having a hard time achieving the bedrock of the American Dream: home ownership.

These workers average six-figure salaries but increasingly can’t afford to buy a house in San Francisco, where the average home value is around $1.34 million and the median down payment needed was around $250,000 last year. And although there’s been a bit of a slowdown in recent sales, that’s expected to change quickly.

A new class of freshly minted tech IPO millionaires are set to “eat San Francisco alive,” as described in a headline of a recent New York Times story.

Full article at Recode

Leave a Comment

This site uses Akismet to reduce spam. Learn how your comment data is processed.