Hey people of San Francisco, you know what is better then making 80k a year? Moving to another state and making 50k a year, being able to own a home in a decent neighborhood, and having a 15 min commute to work.
@3 name changes allowed every 90 days. if you have an 80K job a year in Cali you can transfer those skills away, or work until you save enough to leave. If the rent is too high, it's also affordable to just buy a mobile vehicle.
@JustAGentleman okay kid. Whatever helps you sleep at night. You could have just moved to Houston and skipped the California part. You are either dumb or lying.
@JustAGentleman A lot of people rent. A LOT of people rent. And they are not saving anything. If you bought and held, good for you. But a LOT of people rent. It is very, very difficult for newcomers to get on the ladder. If you did, wonderful. You're a God. You're wonderful (and I'm sure everyone you know owns, too, so bully for them). But a LOT of people rent. Did I say that yet? A LOT of people rent.
CALIFORNIA is ONLY for 2 classes of people- the extremely rich and the extremely poor, if you're any where in between and you didn't get established 25 years ago...you will not make in CA, take as much of your money/assets as you can to another state. In the report Leow and Yong are both a part of the real estate business and even they are saying housing is not going to become affordable in CA. $ 1.1 million will buy you a mansion in TX.
dave bow That’s not true for all of California, only for select cities there. Your statements are mainly true only for the cities where those extremely rich HQ their main offices. The rest of California is doing fine.
@@karbon9703 Tell that to millions of people in CA who pay over half of their income to rent or mortage. You can live at a reasonable price in CA if you move out to the desert somewhere with a population of 27, and NO jobs to speak of except starting your own meth lab in the backyard.
Remove all the zoning and building regulations, and build high rise apartments. Tons of em like Japan. Rent would be about 1k which would be about right
@@sfrealestatedealmaker6001 Japan is also earthquake prone and they have strict building codes. If you see footages of the 2011 earthquake the buildings were swaying a bit to withstand the 9.0 magnitude earthquake. Bay Area could certainly learn a thing or two.
Im an Electrician, wife is a E.D RN and we have 2 kids. We do pretty well but the thought of buying a home where we live in San Jose has become a thing of the past. hearing the stories of these mega commuters makes us realize that we don't want to buy in the valley. We're now looking into Nevada, Arizona and Oregon. the Bay Area has pretty much thrown up the middle finger to the middle class
@Jessie Jay yea we've been looking in northern NV(Carson City/Sparks). AZ is awesome though. My grandparents retired in Peoria AZ. so I went there often when I was a kid. Unfortunate what the bay area has become. Over the last few years we've had friends and many of her coworkers moving out to the northwest and midwest.
Even the commuter train towns here in the New York area arent that expensive. With the exception of places like Rye, Scarsdale, Harrison, Great Neck/Kings Point, Sands Point, Plandome, Manhasset, Short Hills, Summit, Bronxville, Greenwich, Westport, Darien, New Cannan, Irvington, Garden City and Larchmont of course. You can get a 3 bedroom house for around $400k, even in Nassau County (Long Island). I found a 3 bedroom house in Glen Cove for $359,000, it's a beautiful small city on Long Island's North Shore. It's near Hempstead Bay. If u visit NY anytime soon, I recommend you check out the Welwyn Preserve, a park right on the bay. Great place to watch the sunset over the water. I know as I've been there😊 In addition, you can get to New York City on the Long Island Railroad's Oyster Bay Branch. Only thing is the train doesnt come very frequently, but if you need to, you can drive down to Mineola to catch a train there. Plus, most of the Oyster Bay trains will terminate at Jamacia Station in Eastern Queens. However, you can transfer to a train to Penn Station or an E train If you are going to Manhattan. New York City is known for traffic, but you can avoid it by taking the subway😁 By the way, the train ride on the Long Island Railroad from Glen Cove to Jamacia is 45 minutes Btw, here is the Welwyn Preserve😍🏖 ua-cam.com/video/mAhoHiz_8f8/v-deo.html
I’m outside the Bay Area, but I see my family members struggle to live there. I know two families living together and having all the teens work along with adults to pay for the monthly rent. I would suggest anyone is that situation to just leave the Bay Area because there are 49 other states and territories. Remember think of your future health and what you want to do with your life. Working to just get by is not a life.
This reminds me of where I reside, Honolulu Hawaii, where it is so expensive that the locals are getting priced out of Hawaii, either becoming homeless, or having to forced themselves to move away. Tough times.
Was your economic class taught by a physical education coach? How can third world country residents afford 1~2 millions dollars house? As the price go up, it will drive the poor and uneducated out and therefore better neighborhood.
@that guy Texas is a very large state and Houston is a very large city. So, you need to carefully choose the right location over there. Some areas in TX or Houston is really nice and you just need to find out more about the place. Lastly, San Francisco area in CA where you used to live will see a continuation of population growth and the increase of home price due to nice weather and job opportunities.
@@mattr8090 Arizona and Texas will see more and more people moving in from CA, and it is just a matter of time for both states to become more and more "liberal" overtime. You folks in TX might need to build a wall between the borders of CA and AZ or AZ and TX.
I left the Central Valley after rent kept increasing , then went back to home turf ( Bay Area ) but then I saw the same madness happening that caused me to leave the Bay . I prayed on it then months later came to the conclusion that I don't want to be anywhere near CA due to the ever increasing rents , gang violence , too over populated on & on !!! Saved up for a rental , packed all our belongings & left , which turned out to be one of my best decisions ever , years later here I am blessed to be a home owner of a brand new home & still mind boggled on how God opened them doors while watching my newly planted trees/garden grow & equity build .
Americans: 20yrs and she can’t speak English? Real reason: they work in industries where there are no English speaking coworkers, they live in low-income housing, which is predominantly Latino, they are also working double shifts so they can’t take night classes. Rich American college student: travels the world speaking English.
@Thelondonbadger Screwing over Americans is good for the economy though Democrats believe this and push for it, and it's true. It's good for rich people. Hence the "Economy"
Kiba-kun Von Keelber Should still assimilate. My mom and her family immigrated from the Philippines to Chicago in the 70s, and her parents learned English. Sure, they still had/have thick accents, but they can communicate pretty well. My mom and uncle completely assimilated as well, speak perfect English.
Thelondonbadger what an amazing statement. Because you know what? They must be the ones profiting off of their labor. Paying them what they want, when they want,if they want. I never trust a rich person who wants to do good deeds, because they have to be profiting from it.
It has nothing to do with liberal or conservative. Pretty narrow minded to blame your demise on someone else. My wife is Canadian and that has happened in Toronto and Vancouver. It's mainly the Chinese getting money out of China through real estate. It's also happening in London as well. The people that bought my home in San Jose were from China and paid cash.
Many of these people aren't immigrants, they are just parking their money here to get it out of China. Those that are on H1B visas aren't the ones with that type of money. Those people are here to work in the high tech field.
@@sfrealestatedealmaker6001 It's called supply and demand genius, when demand goes up, those with the supply always raise the prices because they can and because there are enough people willing to pay those inflated prices. Why do they do it? Because more money. Do I need to quote the definition of greed for you?
@kwong95wc Yeah Nowhereville Vail Colorado watching that Dump Collapse in Commiefornia. The Pink Toilet nice touch worth every dollar lol. Well at least it has a toilet and not feces on the floor like the Streets of San Francisco bwahaha.
Friends of mine lived south of there in San Jose and sold thier trailer for just under 400k (3bed 2 bath) in September and moved to Idaho. So that lady's mobile in mountain view is likely work 500k+ now. Things are only worth what people are willing to pay
Lived in the Bay Area, San Francisco since 1965. Our family left California 2 wks ago. Living in an air B and B in Portland until tomorrow. will move into a 4 bedroom home in Vancouver Washington. Rent now less than rent of 2 bedroom small house for
Love it here. So much more nature here. Spring daffodils everywhere and the tree blooming in pink flowers. A sunny day is joy filled. I think there has been about 5 sunshine days since the first of December. Now I understand why green velvety moss grows everywhere here. Saw an eagle a couple weeks ago just perched on the , top of the tallest tree. Have never seen a wild eagle just flying about. Went to Powell’s Book store yesterday. So fabulous, , People read here a lot. How wonderful. In Bay Area people running after their over trafficked freeways, tech jobs, hi hi rents and yes 1 .
1/2 Million will get you a duplex or a crappy regular. House built in the 1950’s when Silicon Valley wasn’t even called Silicon Valley yet. We had to leave Cal because a 2 bedroom crappy house rental now more than $3600. A month. We headed north in a 26 foot truck of belongings not knowing where we would land. So now in Vancouver WA just across the bridge from Portland. Beautiful 100 yr old homes with big kitchens, a basement a person can live in and such a beautiful yard full of trees, plants a big old porch. Anyone on the edge thinking of leaving California...do it..and I lived in Cal over 50 yrs.. Life is more mindful here. people take walks, garden and read. In Fremont, Ca where I lived, taught art in college, etc only has I bookstore, 1/2 price books. No comparison whatsoever to Powell’s. It has been a good relocation, although the culture shock is still challenging.
in 1979, my parents bought their first home for $97,000.00 in contra costa county i bought my first condo in 1990 for $120,000 - then bought my first house in 1992 for $420K both in Alameda that is why i have decided to give my current house to my son - as soon as he finishes law school home ownership days are long gone!!
I was born in California, my grand kids are 4th generation Californian's and I left and moved to Oregon two years ago. BEST decision I ever made! Housing is normal here, people have quality of life. California has gone downhill over the years and the infrastructure and cost of living is unbearable. Plus the the state is dirty, polluted and completely run down. Bye Bye!!
I know, Californians were so awestruck with the beauty of Oregon, it’s like another planet. A gardening paradise, soil is rich and easy to work with, bay areas is like clay.
You all need to move to an affordable state. My mortgage for my 4 br, 2 ba house in Minnesota is under $600/month including insurance and property taxes. Don't know how anyone can make ends meet in that type of situation. Good Luck All .
I live in NYC. It’s not just the prices of rent, it’s the price for every damn thing. Even the Bronx is getting gentrified. I got tired of long train commutes and excessive roommates and just bought an RV in a neighborhood in Queens just on the other side of the East River. My commute is now only 25 minutes and I pay no rent, but of course there are other trade offs. It’s not glamorous but I recommend people all over the country in similar situations consider the RV lifestyle. Many people here are doing it and NYC is obviously a 4 season city.
The cost for Tracy is at least 3.5-hours in commuting per day. Assume she gets $20 per hour, and she works 5-days per week, and she works 50-weeks per year. This is (3.5)(5)(50(20)=$17,500. Her opportunity cost is $17,500 per year since she could (invest this time) earn this if she had a second job or lived next to her job place. Over 10-years, this $175,000. Now add to this car depreciation, maintenance, fuel, and insurance. Finally, add to this her health cost since stress and pollution is decreasing her lifespan. In other words, her real cost is way over $200,000 over ten years. This is assuming she and her family will last this long. This is too sad for words.
I was one of those super commuters from Tracy. Had to leave Tracy at 4:30 AM to avoid the traffic congestion that started at 5 AM. It really got bad after 2016 when folks from the bay area were being pushed out into the Valley because of the high cost of homes and rent in the bay area. Now the homes in the valley are way over priced not to mention new construction home are big homes on micro lots with just a patio and no yard or side yard. Tracy use to be a non congested town but they are clearly building to cater folks from the bay area. This seemed to be the trend throughout California so my solution, I moved out of the state. This is the plan of those who have created this upon the middle class.
@bling0023 I commend you for moving out. Many people are afraid of change. May be in order to stop or control this ridiculous housing crisis, many Californians will need to move out of the state.
@@pumarealtor I honestly am certain that is the big tech companies plan. To price out the middle class so you only have Rich and Poor in California. 117k a year is considered poverty in the Bay Area and that's insane
@bling0023 Yea that is insane. What's also insane is many folks in the Bay Area prefer to stay and suffer through this housing and poverty crisis rather than move out like you did.
@@DelbertStinkfester mostly roommates or people who own houses renting out rooms for like 500-1000 a month some people rent rooms and have two people two a room and each pay that amount of rent its insane
Move to Washington State, about the same income, no state income tax, and it’s still affordable......if you pay rent in the Bay Area you’ll be able to afford a home. Why struggle so much? Our family left the Bay Area and my children are flourishing. Once you leave, when come back to visit... you’ll be asking why didn’t you leave long ago.
Just don’t vote democrat or you’ll ruin other states too. Unfortunately Oregon and Washington already turned blue. Conservative states that are outvoted by the big cities
That house should be worth about 150k. Man I wish I owned property out there before it got so expensive. Imagine the fortune you would make selling your house. This is why buying property is smart. You can get a situation like this where the house appreciates tremendously over time.
My job took me to San Jose in 2005- 06. Lived there a year. I would look at the TV and see dumpster homes for $400k! I thought, who the hell is buying these dilapidated homes at such a ridiculous price? Then the 08 crash came. I'm reminded of that watching this.
I saw another show that showed overseas investors that speculated bought and held empty real estate. This artificially lowers supply which prompts price increase. This is not allowed in stock trading but somehow allowed in real estate. When these overseas investor start dumping product you will see another housing market bubble pop.
You got that right. There are 100s of brand new "Housing Over Retail" developments with empty storefronts on the ground floors. At night, there are hardly any lights on in the residential floors. I believe there may actually be an over supply of housing and prices are sky rocketing just because of speculation and panic buying.
I mean Holy Hell what kind of jobs do these people have to afford the payment on those prices.....What are they getting 100 year mortgages or something?
The crash will be epic compared to 2008. The job market will evaporate like we have never seen before. Boomers will be dumping their houses as fast as they can starting in March.
@@DelbertStinkfester They don't have the jobs or income this is a International Central Banking Attack on all Americans. Been going on for 35 plus Years.
@@idiocracyishere4531 what will happen to all the houses? What jobs, work will be of value? Are people still going to want to have social gatherings-hangouts,chill outs, music venues, sesh'es? Was the crash a sign of consciousness collectively no longer believing in the hype. For a human to have work the kind of work that gave sail to the soul that work actually fueled the soul.
Wow! That house on 44 ROBERT ROAD, ORINDA was offered at $899,000 and sold at $1,200,000 on 11/13/2018 and four years later (2022) have a value of $ 1,838,400 ! 🤯
Psh, that's why I moved from the bay to the south. The state is garbage. My sister in law lives in the ghetto of Union City. Paying 2,600 a month in tiny, broken, apartment. People get shot on that street
It appears that the Bay area has become the type of city where having a very high income is the only way you can survive in it. For the people who are becoming priced out of the market, it may be time to look at alternatives like a less expensive state. Why prolong the agony? Eight people in a one bedroom is absurd!
Last time I checked there were no walls on the boarders of the states, you are allowed to freely go and move to places like Nashville , Charlotte , Greenville , Orlando, columbus Ohio, etc I can go on, but you can find steady jobs anywhere I'm the states if one thing doesn't work theirs other opportunties to go and try, this isnt a dictatorship here , we can move wherever we want
All those other places will eventually get developed like California. Do a search for "Agenda 21" and you will see the plan to pave over the entire country into one coast to coast "Mega City".
@@kansasthunderman1 LOL it's impossible for the rest of the country to wind up like the Bay Area because there aren't enough people to make the entire country that dense. You're talking out of your ass
Yeah, $899,000 is the lowest priced home in the neighborhood. Says it all. Nobody in my profession can afford that. I have a small metal shop. We have rented in the Bay Area for 38 years. I always dreamed of building my own home with my own hands. Raising two children we always rented in decent neighborhoods so our kids could grow up in a safe environment and go the decent schools (always more expensive) We sacrificed home ownership for our kids. In 2016 we purchased a 1.5 acre parcel of "raw" land near Flagstaff Arizona. I am building a Timber Frame mountain lodge style cabin from lumber I milled myself for my wife and I to retire with the help of our two boys! The greatest family adventure of our lives. No way we could do this in the Bay Area. I go twice a year and stay for 2-4 weeks (until the money runs out) then I return and start preparing for the next trip six months later. All debt-free. I own the deed. Property taxes were $350 last year. Permit fee for the cabin? $400. In California expect to pay over $100,000 for permit fees alone. Let that sink in.
My mortgage here in (undisclosed location) for a 3 br, 2 bath house is $762.00 a mo. Our home is worth $179,000 and I make $17.50hr and I don't care much for tech jobs.
@Anonymous Guy It used to be that way in California too. Then the whole greed thing happened with building and pricing housing for the highly-paid tech engineers; and meanwhile, regular people are priced out. I mean, where do *we* go? We didn't ask for this!
My husband and myself left san jose in '99 when we saw what was coming. The high tech companies came and the rents were super high. We left to monterey county and the rents were so much cheaper by $1000 less..We plan on leaving california when we can retire and go to washington or Utah where it's a calmer and affordable lifestyle. Calif is overrated!
Hello fellow Bay Area residents. I'm Darrick, born & raised in San Jose, Ca. My grandmother worked at At&t in Santa Clara for 33+ years and bought a home in the early 80's for $120k. My father in law's parents bought their home in 1971 for $24k. Now these 2 house are "worth" more than $1.2 Million. 💰It's not necessarily the home as much as it is location (tech jobs aka silicon valley) & supply/demand. I NEVER thought that someone born & raised in a pretty nice city would grow up to be out priced by tech workers & H1B Visa foreigners. Either i stay and put up a good financial fight to survive, or simply leave and find a new horizon.
DemiseMusic&Entertainment why stay and struggle when there’s other places you can live comfortably? I was also born and raised here in California but looking elsewhere to another state. Look around on Zillow check out home prices in other states. Way cheaper than here.
@@Daniel-z2j2v I've looked on Zillow & Redfin. Central Valley, California is pretty affordable compared to the Bay Area and Los Angeles/San Diego area. Ive also looked at states like Nevada, Oregon & Ohio.
I grew up in Saratoga, my parents had a custom home built there in 1968 for $40,000. That home today is probably worth around $4,000,000 and while it is Saratoga, it's the part that is about two blocks from San Jose, so I'm not talking about anything over the top (I meant no disrespect to San Jose, just trying to show the location). I've lived in San Diego since 1990 and have a pretty nice place with a fair amount of equity, 3 bedrooms 1,500 sq ft. If I decided on a whim to sell and move back, I could maybe buy an old 600 sq foot 1 bedroom condo in need of remodel with no garage in south San Jose with a lousy commute and a mortgage about $200K more than what I have now.
Priced out? Then one is not looking at all of the options. 1. Find a general contractor to do work on a house. If the house does not need a lot of work find any contractor that will not charge you full retail. Try local hardware stores to find people who do regular company work, but also work on the side - if they can also be insured to do so. 2. Learn to do as much as possible by yourself = within reason and within being legal. You will not be able to do most plumbing work or most electrical work. 3. Get more creative... Add solar/battery to make financing considerably better - and add in a lot of refunds. 4. Strongly weigh an duplex combination, or converting to a duplex if possible (yes it is possible if one knows the way to do it); or even purchasing an apartment building. Besides money (which doesn't take as much as one thinks); time is the only thing against you.
The Chinese "investors" should be locked out of the US housing market, period. (Unless they are citizens) They already have our jobs. They should NOT be allowed to purchase our country too.
It’s not just the tech companies that are causing the issue. A big issue is foreign housing investment. There should be a moratorium on these investments.
3:36 That's not an exposed ceiling. That's a deliberate design choice made by the original architect. This ceiling beam look is actually very much in style today, especially in converted factory building lofts.
12:45 he’s worked for the same company $17 hr ..... hmmm ok day labors are 100-160$ a day all illegal but why hire your company when labors so cheap? This is a sanctuary state, and most Hispanics vote for that. Well you would be marking a hell of a lot more than $17 hr but you vote for open boarders. I don’t want to hear any complaints about income. You need to adapt as the hispanic population rises expect higher taxes and lower wages. No big deal for those with money as the rise in cost is minimal to them. Life goes on as normal for the rich as your rent rises 2, 3 now maybe 4 times higher than before. You blame the rich white man for your decision to allow illegals to undercut your wages? Hilarious! I have money as I’m a salesman and Mexico is not really a country of salesman. I just tire of hearing the poor complain as we tell them what’s best and we’re called racist. You can lead a horse to water but can’t force them to drink.
About a month ago I travled from EU to visit SF. I was shocked by the amount of homeless people and how people who worked at starbucks,subway etc. couldn't even speak english to me. The city was such a letdown I can't even beging explaning it to you.
This is so crazy! Bought a new build during the Pandemic in April 2020 for $460,000 in Colorado. Can't believe people could afford to pay that kind of money in 2018. SMH.
What the Hell are you talking about? New buildings are going up right and left and the Bureau Of Building Inspection is rubber stamping approval with inadequate review.
This is sad. I was born and raised in the Bay. Most of the people there now aren’t even original residents. It’s so overcrowded now. I bought a home an hour away in a suburb and couldn’t be happier. I pay way less than what I was paying in rent in SJ. I said adios to SJ and I’m not looking back.
It isnt a crime to want a job and a home. The situation is extremely simple. There are high paying tech jobs creating demand for housing, but there isnt enough housing being made. Blame your idiot politicians who over-regulate and prevent development. Or maybe the current residents who selfishly say NIMBY because they want to preserve their neighborhoods so called charm. Ironic that the people who complain about housing are the same who support the policies which exasperate the problem.
@@Inbal_Feuchtwanger or blame the bay area for being greedy and wanting all these companies out here and no commitment to hire locally. Plenty of jobs for others who aren't from here
Not so different in Seattle Wa. I bought my golf course home in in 2010 and now I could not qualify for my home even though my income has doubled in 8 years. I have moved out with my boyfriend and now rent my home for twice the mortgage.
????? 96k after tax. 3500/month rent or 2000/month for dwelling unit if you want to live inner sf. 2500/month rent or 1500/month for dwelling unit if you wanna live daly city/south sf. 200/month utility, 50 internet, 50 phone. 500-1000/month food. 500/month gas,car,insurance. 32k left for savings. Do you spend on cocaine and hookers? If i was to budget realistically for my lifestyle, I could bring the number down a lot lower.
Honestly would hate to live in another state other than Cali, which is why majority of people are moving south or north of the Bay Area, get a decent home for $200-$350k
If you this this is expensive Take a look at hongkong Singapore London Vancouver The list goes on, so yeah this is normal What about all the people that got into the game early, sold their home to make a million or 2 then retired off elsewhere??
Yeah but most of the San Francisco area is single family homes; price per square foot may be higher in the cities you mentioned but overall costs are likely higher in SF.
This is exactly what my friends and I were discussing. We were all looking to buy a home at one point but are all priced out or don't want to buy a dilapidated shack for 1m. Although everyone is saying it will go bust/crash soon, just looking at other similar cities shows that a bubble may not be the case. It will just get more and more expensive.
The issue here is over-regulation. Deregulate and make it easy for people or companies to build. Look at Japan, they only got like a two-page requirement to be able to build. you can literally build anywhere in Japan as long as it's sectioned for housing residential. You can get permits in the matter of weeks not years. Which is the case here in California.
What the Hell are you talking about? New buildings are going up right and left and the Bureau Of Building Inspection is rubber stamping approval with inadequate review. There are lots of defective buildings that will be damaged beyond repair if an earthquake happens close to the city. Millennium Tower got built without a foundation on bedrock and there's a lot more crappy construction out there.
@Thelondonbadger How can a building permit be limited to just 20 to 50 pages? An adequate engineering report for a plain vanilla apartment building is at least 100 pages. Do you want contractors to put up buildings by the seat of their pants like in Egypt and India where they fall apart with everyone inside?
The " HAVES" could give a ratsass about "the HAVE NOTS"...I'M DISGUSTED BY THE GREED OF PROPERTY OWNERS AND CITY MANAGERS THAT LET THIS HAPPWN! What is worse is there are ways to alleviate some of the homelessness....i.e. TinyHones or Secured Tent Cities....maybe not ideal but why must these people have to live like this?!? SHAME ON THOSE WHO SAY," NOT IN MY BACKYARD"...
So, six months later we're mid pandemic and people are out of jobs. Most of the tech is working from a rental or worse now looking at this seems insane. In my neighborhood alone there is three empty rental homes in the past month.
I lived in the Bay Area for 14 years before moving away eight years ago. The housing and rental costs were the primary factor for my move. Despite having a good tech salary (I was making about $160k per year including my bonus), the home costs were just unreachable. The only alternative is to live in the far flung areas and deal with two hour commutes daily. Eventually moved to the East Coast and now own a 5/3 2700 sqr.ft house that cost me $375k. Would have been $2+ million in the Bay Area. The thing that amazed me the most was that my salary wasn't that much lower when I opted to move. I currently make about $130k a year now and I am in a state with no income tax. So from an after tax perspective, I make about the same as I did in California. For those that are considering moving to the Bay Area, make sure you do your research. Even videos and articles like this one often fail to do the situation justice. You can be a six figure worker in the Bay Area and you might be living as well as a college student when the housing costs factor in.
Diomedes01What about those who were born and raised in the bay area all there lives like me since 1950's? I owned my home, as well as my 3 other siblings who also own their homes? We bought in the early 1980's and we're NOT leaving.....Baby boomers Yeah.....
I got my house in Solano area and at the right time after the last big housing crash. I think it was about 2012. It's not huge. About 1100sq feet. 3 bedroom, 2 bath for $155,000. I've done work on it but prices have shot way back up once again. My commute is about 15 minutes!!! My mortgage is around $1100 a month. Property taxes is a couple grand a month. I just refused to overpay for a house. I lived in q mobile home for years because of that. It was a single wide. Not very large at all, but I owned it and lot space rent was not to bad. That is a way to go. S.F. Doesn't want to build any housing. Many other city's are like that also. So it is supply and demand.
The bulk of this is pure greed and no laws to stop ppl from raising rents simply because they can and they don’t care who they throw out on the streets. GREEDINESS!
Availability of homes and apartments is only part of the problem. The other part is lack of rent control. You could build 1000 new apartments tomorrow, but it wouldn't help the poor and middle class people because they'd all be priced at the current market rate, which is the real problem. Due to the tech giants and other extremely profitable industries making that area their home, there will always be someone (usually from outside the area or US) willing to pay the $1M price tag, or the several thousand dollar price tag for a decent apartment that you could actually raise a family in. There just simply aren't enough affordably priced options. If it can be profitable to sell a 2br apt somewhere else in California at around $1,000, then why can't it in the Bay Area? It's simply that the rich who own all of the land/apt know that whatever outrageous prices they set will eventually find someone willing to pay them; there is no incentive to lower prices. In my area we have several places that are rent and income controlled. It is still not ideal as renting still takes over half of someone's income. But it is, at the very least, manageable if you have a roommate. This way, there are always options available for everyone, regardless of income. And owners are still able to make a nice profit. In fact, they seek out to buy uncontrolled properties and turn them into rent controlled ones because you spend less on bells and whistles and just provide the apt to the renter. Whereas the "luxury" apartments have to provide a gym, pool, community club house, laundry rooms, etc etc in order to justify the higher price point. When some friends of mine were looking for a place to rent, they were interested in one apartment but unfortunately made just over the income limit. The owner told them that they had just bought the complex across the road and it was the next income bracket up. If I remember correctly there are incentives in place here by the gov for owners to provide rent controlled properties.
Decades ago, when I used to work in San Francisco, my Manager lived in Fairfield, where he could afford a house for his family with five children. He left the house early in the morning, then went to North Berkeley BART station to pick up carpool riders. That way he was able to drive onto the carpool lane, then drop off the riders near the Transbay Terminal, in San Francisco. That saved him some driving time.
Imagine living in a mining town but nobody living there can work in the mine....a fishing town where none of the residents are qualified to fish. This is the problem in the bay area. Nobody can work in the tech industry that actually was raised here. Oracle just moved their big conference to Vegas because of hotel prices and bad street conditions in SF. Businesses are leaving as well. I can't wait for the bay area to self destruct because of the greed of the cities and landlords. You don't need more housing for the people here. You should have never moved these tech people here in the first place. Then allowed the companies to pay little or no taxes to contribute to the communities that they are affecting. If you work in any non tech job in the bay, you are basically paying taxes to a city to put you on the street. Trust me, none of the money you pay for taxes goes to help a gas station attendant, fast food worker, or retail employee find housing or programs to get them in housing. Democrats need this crisis to continue so they can look like good guys and continue to collect money for programs that do nothing for homeless.
Overpriced housing has been happening in my city over the past few years. The only bright spot is that crime has been slowly decreasing just because all the poorer people are being forced to move outside the city.
Lol insanity. 90 min commute? My commute is 10 miles takes me 12 min on streets. $1 million house? It cost about $100,000 in many other states.. aaah theres a thing called move! It will be ok you’ll make new friends. Your family ain’t going no where.
The fixer-upper looked fine to me. A little paint and a little elbow grease - I would like living in a '50s time capsule, as long as everything worked! I just would like a place to live!
The comments here are so idiotic. Always blaming one group or another for the problems. The housing crisis here is the results of VCs and tech companies wanting to come to the same location and gain the network effect. If they spread out beyond the bay area, the crisis would alleviate but they would lose the network effect. Having lived in many areas of the countries, including tech hotspots like Austin (10 yrs), I can testify that the network effect of the bay area is very real and doesn't exist anywhere else in the country. Since this country has lost most of their manufacturing base and losing leadership in many areas, the question is does the USA want to continue being the global leader in tech? If so, this is the savage price we must pay. Seattle, Austin, Boston, and New York COMBINED could never replace the bay area. Austin is like a tech desert compared to the bay area. This cruel dynamic is the cost for the network effect and global tech leadership. Imagine America's economic position in the world without the bay area and NY's financial industry. Number 3, 4, 5?
I live in Seguin, Tx. Right in between San Antonio and Austin. Down the road from San Marcos and New Braunfels. In this city you can get a mini mansion for $500k. 🤦♂️
London is worse, in London we have millions of people that don't work and live for free in London UK (social housing), while working people on good salaries have to live 1 hour train (40-50 miles+) commute out of London. I know a contractor on £900 per day that lives down south and flies in to london when needed because it is cheaper and quicker than trains and cars. Could never take a car in London, not only is there traffic lol, there is charges for just driving in, then there is no parking and I mean zero parking, so everyone has to catch the train, pretty much 90% of professional people in London UK catch the train and live outside of London. I am talking top lawyers and bankers commuting on trains.
In case there is character limit, I'll write a short version. If you earn 100.000 dollars a year you should get paid about 6000 dollars a month (after taxes etc). Accodring to Zillow, there are a lot of 1-2 bedroom appartments that would be big enough for a young couple without children. There seems to be plenty in the range of 2300-2800 dollars per month in Santa Clara, Sunnyvale and San Jose for example. If this couple doesn't have debt and has savings (free-education countries, sold house when moving abroad), then I would definitely say that 100.000 dollars per year is enough to make a decent living. Just pointed out that it isn't as bad as many claim. Probably for many who has kids, student loan and no savings it wouldn't be enough but don't say that nobody can cut it with low 6 digits. I might miss something but I doubt it.
This is why alternative living is the way to go guys get the van RV tiny house change the way of life guys this is why people earn that don't buy into the mainstream capitalistic greed nonsense
No idea why some people absolutely REFUSE to move elsewhere since the Bay Area is no longer affordable. Recognize that prices do go up (sometimes dramatically), and not everyone will be able to afford. Move elsewhere!
Yeah in Mountain View now they have built many new multi level apartment buildings.... BUT those new units start at $4000 / month for a dinky one bedroom. It's financial aparthide. Ever since Google announced it was hiring 23,000 new employees in MV, the greedy landlords started jacking up the rents. 3 yrs ago a one bedroom apt went for $1200/mo. Now it's $2800-$3200 At this point my wife and I are living in our van. I wish I could escape from this insane environment. Wish is that my wife and I can leave this Looney bin and find some decent people and a much more peaceful existence
Hey people of San Francisco, you know what is better then making 80k a year? Moving to another state and making 50k a year, being able to own a home in a decent neighborhood, and having a 15 min commute to work.
@3 name changes allowed every 90 days. if you have an 80K job a year in Cali you can transfer those skills away, or work until you save enough to leave. If the rent is too high, it's also affordable to just buy a mobile vehicle.
@3 name changes allowed every 90 days. average people should be harvested for their resources, like the idiots they are.
@JustAGentleman I'll take shit that never happened for $500.
@JustAGentleman okay kid. Whatever helps you sleep at night. You could have just moved to Houston and skipped the California part. You are either dumb or lying.
@JustAGentleman A lot of people rent. A LOT of people rent. And they are not saving anything. If you bought and held, good for you. But a LOT of people rent. It is very, very difficult for newcomers to get on the ladder. If you did, wonderful. You're a God. You're wonderful (and I'm sure everyone you know owns, too, so bully for them). But a LOT of people rent. Did I say that yet? A LOT of people rent.
Sold my home in the Bay area last year and got out. Best decision of my life so far.
How much did you sell it for and how much is it worth now?
DAM........NOW YOU ARE FRIGGIN RICH !! HOW MUCH IF YOU DON'T MIND??
Glad you boomers are finally leaving God bless Google
Good
@@skylerjacobs6384 😂😂😂
CALIFORNIA is ONLY for 2 classes of people- the extremely rich and the extremely poor, if you're any where in between and you didn't get established 25 years ago...you will not make in CA, take as much of your money/assets as you can to another state. In the report Leow and Yong are both a part of the real estate business and even they are saying housing is not going to become affordable in CA. $ 1.1 million will buy you a mansion in TX.
dave bow That’s not true for all of California, only for select cities there. Your statements are mainly true only for the cities where those extremely rich HQ their main offices. The rest of California is doing fine.
@@karbon9703 Tell that to millions of people in CA who pay over half of their income to rent or mortage. You can live at a reasonable price in CA if you move out to the desert somewhere with a population of 27, and NO jobs to speak of except starting your own meth lab in the backyard.
@@karbon9703
Any city in California within 100 miles of the ocean is in the same situation as the Bay Area.
AL Ian very true. Look at Tracy Manteca and Ripon prices have skyrocketed there. Locals for sure are priced out.
1 million would buy you a super mansion in Texas with incredible amenities
Remove all the zoning and building regulations, and build high rise apartments. Tons of em like Japan. Rent would be about 1k which would be about right
Soc Seamon - Some areas cannot due to earthquakes...
@@sfrealestatedealmaker6001 Japan is also earthquake prone and they have strict building codes. If you see footages of the 2011 earthquake the buildings were swaying a bit to withstand the 9.0 magnitude earthquake. Bay Area could certainly learn a thing or two.
The Japanese are great at working together to solve problems, pretty much the opposite of the west.
Stephystar - Yeah, but Japan has Godzilla, we have avocado toast. 🤠
High rises would only make it worst, The problem is not enough homes being built. That and code is pretty strict for that area.
Im an Electrician, wife is a E.D RN and we have 2 kids. We do pretty well but the thought of buying a home where we live in San Jose has become a thing of the past. hearing the stories of these mega commuters makes us realize that we don't want to buy in the valley. We're now looking into Nevada, Arizona and Oregon. the Bay Area has pretty much thrown up the middle finger to the middle class
@Jessie Jay yea we've been looking in northern NV(Carson City/Sparks). AZ is awesome though. My grandparents retired in Peoria AZ. so I went there often when I was a kid.
Unfortunate what the bay area has become. Over the last few years we've had friends and many of her coworkers moving out to the northwest and midwest.
New Mexico and Utah are good for middle class too
The economy of the Bay Area is fueled by billions in government money and that's what's causing hyper inflation.
That what happens when you elect leftists and their elites......
Even the commuter train towns here in the New York area arent that expensive. With the exception of places like Rye, Scarsdale, Harrison, Great Neck/Kings Point, Sands Point, Plandome, Manhasset, Short Hills, Summit, Bronxville, Greenwich, Westport, Darien, New Cannan, Irvington, Garden City and Larchmont of course. You can get a 3 bedroom house for around $400k, even in Nassau County (Long Island). I found a 3 bedroom house in Glen Cove for $359,000, it's a beautiful small city on Long Island's North Shore. It's near Hempstead Bay. If u visit NY anytime soon, I recommend you check out the Welwyn Preserve, a park right on the bay. Great place to watch the sunset over the water. I know as I've been there😊 In addition, you can get to New York City on the Long Island Railroad's Oyster Bay Branch. Only thing is the train doesnt come very frequently, but if you need to, you can drive down to Mineola to catch a train there. Plus, most of the Oyster Bay trains will terminate at Jamacia Station in Eastern Queens. However, you can transfer to a train to Penn Station or an E train If you are going to Manhattan. New York City is known for traffic, but you can avoid it by taking the subway😁 By the way, the train ride on the Long Island Railroad from Glen Cove to Jamacia is 45 minutes
Btw, here is the Welwyn Preserve😍🏖
ua-cam.com/video/mAhoHiz_8f8/v-deo.html
I’m outside the Bay Area, but I see my family members struggle to live there. I know two families living together and having all the teens work along with adults to pay for the monthly rent. I would suggest anyone is that situation to just leave the Bay Area because there are 49 other states and territories. Remember think of your future health and what you want to do with your life. Working to just get by is not a life.
My parents weren't smart enough to move out in the 90s when they had the means to do so. Now we're struggling
Neryssa111 You are absolutely correct.
Thank you for doing an entire half hour of this story.
This reminds me of where I reside, Honolulu Hawaii, where it is so expensive that the locals are getting priced out of Hawaii, either becoming homeless, or having to forced themselves to move away. Tough times.
@ Natural
And here I was thinking of the MAGA promised... :)
Mathin3D both are under control of Dem party for decades. Think twice
Kinda your own fault tho...
Shouldnt have made it so nice in Hawaii. Take Detroit for example... nobody wants to live there.
Be like Detroit
@@Chartoise I do and love it..,glad it’s got a bad rep. I live one of the most beautiful neighborhoods here. Never had a problem
Just visited a friend who lives in Honolulu and she feels the same.
I've never seen a city look so much like a dystopian city.
The quality of life in the bay area gets worse as the cost of housing gets higher. It's like a third world country, now.
estelle patella wait a couple years and it will be worse for the poor. But it gets better for the rich! These housing prices will go even higher
“Third world country” lol. Thanks for the hearty chuckle.
Was your economic class taught by a physical education coach? How can third world country residents afford 1~2 millions dollars house? As the price go up, it will drive the poor and uneducated out and therefore better neighborhood.
How much for a first world crib?
@Destiny tran I'm in the middle and I dont pay my butt off.
"The low listing price of $899k" - that quote just about sums up the bay area housing market.
So glad I left Solano county years ago.
120k is low income??? Bye California Hello Texas!
You need to make around $200,000 pre-tax dollars a year to be called a base income in CA.
@@pjeng1 lol not really.
@that guy good luck with that. Too many extreme liberals here pushing their agendas down our throats. I'll take the mansions heat and gun shots lmao!
@that guy Texas is a very large state and Houston is a very large city. So, you need to carefully choose the right location over there. Some areas in TX or Houston is really nice and you just need to find out more about the place. Lastly, San Francisco area in CA where you used to live will see a continuation of population growth and the increase of home price due to nice weather and job opportunities.
@@mattr8090 Arizona and Texas will see more and more people moving in from CA, and it is just a matter of time for both states to become more and more "liberal" overtime. You folks in TX might need to build a wall between the borders of CA and AZ or AZ and TX.
I left the Central Valley after rent kept increasing , then went back to home turf ( Bay Area ) but then I saw the same madness happening that caused me to leave the Bay . I prayed on it then months later came to the conclusion that I don't want to be anywhere near CA due to the ever increasing rents , gang violence , too over populated on & on !!! Saved up for a rental , packed all our belongings & left , which turned out to be one of my best decisions ever , years later here I am blessed to be a home owner of a brand new home & still mind boggled on how God opened them doors while watching my newly planted trees/garden grow & equity build .
Americans: 20yrs and she can’t speak English?
Real reason: they work in industries where there are no English speaking coworkers, they live in low-income housing, which is predominantly Latino, they are also working double shifts so they can’t take night classes.
Rich American college student: travels the world speaking English.
@Thelondonbadger Screwing over Americans is good for the economy though Democrats believe this and push for it, and it's true. It's good for rich people. Hence the "Economy"
Kiba-kun Von Keelber Should still assimilate. My mom and her family immigrated from the Philippines to Chicago in the 70s, and her parents learned English. Sure, they still had/have thick accents, but they can communicate pretty well. My mom and uncle completely assimilated as well, speak perfect English.
Thelondonbadger what an amazing statement. Because you know what? They must be the ones profiting off of their labor. Paying them what they want, when they want,if they want. I never trust a rich person who wants to do good deeds, because they have to be profiting from it.
Always a fucking excuse.
Our country
Our language
That crap house sold for $1.2 million....
they'll probably bulldoze the house & build a bigger one
Location location location. Some people still don’t realize that’s biggest factor in home price
Dang an overpriced house
It will be on the Foreclosure list soon if a Foreign Investor didn't just buy it as a Vacant Investment.
Give China some time. They'll buy up all of San Francisco just as they're doing in Australia, Canada, and the Caribbean
You couldn’t pay me enough to live in the Bay Area it’s nasty
It has nothing to do with liberal or conservative. Pretty narrow minded to blame your demise on someone else. My wife is Canadian and that has happened in Toronto and Vancouver. It's mainly the Chinese getting money out of China through real estate. It's also happening in London as well. The people that bought my home in San Jose were from China and paid cash.
Come on man, don't blame everything to immigrants, California is in US right? Get your own shit together ok.
@@sfrealestatedealmaker6001 No, this is due to greedy developers and homeowners taking advantage of the demand.
@@sfrealestatedealmaker6001 Nice false analogy jackass, only that's not what's happening at all.
Many of these people aren't immigrants, they are just parking their money here to get it out of China. Those that are on H1B visas aren't the ones with that type of money. Those people are here to work in the high tech field.
@@sfrealestatedealmaker6001 It's called supply and demand genius, when demand goes up, those with the supply always raise the prices because they can and because there are enough people willing to pay those inflated prices. Why do they do it? Because more money. Do I need to quote the definition of greed for you?
That Dump for 899k is worth 50k. That lady that bought that trailer needs to be in a Nursing home for Dementia.
She should have bought land for that mobile home instead of living in a mobile home park. That would have made more sense.
@kwong95wc Yeah Nowhereville Vail Colorado watching that Dump Collapse in Commiefornia. The Pink Toilet nice touch worth every dollar lol. Well at least it has a toilet and not feces on the floor like the Streets of San Francisco bwahaha.
Ok 75k pffft.
Friends of mine lived south of there in San Jose and sold thier trailer for just under 400k (3bed 2 bath) in September and moved to Idaho. So that lady's mobile in mountain view is likely work 500k+ now. Things are only worth what people are willing to pay
Lord Humongus hahahahaha!
Lived in the Bay Area, San Francisco since 1965. Our family left California 2 wks ago. Living in an air B and B in Portland until tomorrow. will move into a 4 bedroom home in Vancouver Washington. Rent now less than rent of 2 bedroom small house for
Margaret Stainer How is it?
Love it here. So much more nature here. Spring daffodils everywhere and the tree blooming in pink flowers. A sunny day is joy filled. I think there has been about 5 sunshine days since the first of December. Now I understand why green velvety moss grows everywhere here. Saw an eagle a couple weeks ago just perched on the , top of the tallest tree. Have never seen a wild eagle just flying about. Went to Powell’s Book store yesterday. So fabulous,
, People read here a lot. How wonderful.
In Bay Area people running after their over trafficked freeways, tech jobs, hi hi rents and yes 1 .
1/2 Million will get you a duplex or a crappy regular. House built in the 1950’s when Silicon Valley wasn’t even called Silicon Valley yet. We had to leave Cal because a 2 bedroom crappy house rental now more than $3600. A month. We headed north in a 26 foot truck of belongings not knowing where we would land. So now in Vancouver WA just across the bridge from Portland. Beautiful 100 yr old homes with big kitchens, a basement a person can live in and such a beautiful yard full of trees, plants a big old porch. Anyone on the edge thinking of leaving California...do it..and I lived in Cal over 50 yrs.. Life is more mindful here. people take walks, garden and read. In Fremont, Ca where I lived, taught art in college, etc only has I bookstore, 1/2 price books. No comparison whatsoever to Powell’s. It has been a good relocation, although the culture shock is still challenging.
in 1979, my parents bought their first home for $97,000.00 in contra costa county
i bought my first condo in 1990 for $120,000 - then bought my first house in 1992 for $420K both in Alameda
that is why i have decided to give my current house to my son - as soon as he finishes law school
home ownership days are long gone!!
I was born in California, my grand kids are 4th generation Californian's and I left and moved to Oregon two years ago. BEST decision I ever made! Housing is normal here, people have quality of life. California has gone downhill over the years and the infrastructure and cost of living is unbearable. Plus the the state is dirty, polluted and completely run down. Bye Bye!!
where in oregon?
I know, Californians were so awestruck with the beauty of Oregon, it’s like another planet. A gardening paradise, soil is rich and easy to work with, bay areas is like clay.
You all need to move to an affordable state. My mortgage for my 4 br, 2 ba house in Minnesota is under $600/month including insurance and property taxes. Don't know how anyone can make ends meet in that type of situation. Good Luck All .
I live in NYC. It’s not just the prices of rent, it’s the price for every damn thing. Even the Bronx is getting gentrified. I got tired of long train commutes and excessive roommates and just bought an RV in a neighborhood in Queens just on the other side of the East River. My commute is now only 25 minutes and I pay no rent, but of course there are other trade offs. It’s not glamorous but I recommend people all over the country in similar situations consider the RV lifestyle. Many people here are doing it and NYC is obviously a 4 season city.
I
I ain’t shovel snow tho 😊
It only works when you've got a place to park.
The cost for Tracy is at least 3.5-hours in commuting per day. Assume she gets $20 per hour, and she works 5-days per week, and she works 50-weeks per year. This is (3.5)(5)(50(20)=$17,500. Her opportunity cost is $17,500 per year since she could (invest this time) earn this if she had a second job or lived next to her job place. Over 10-years, this $175,000.
Now add to this car depreciation, maintenance, fuel, and insurance.
Finally, add to this her health cost since stress and pollution is decreasing her lifespan.
In other words, her real cost is way over $200,000 over ten years. This is assuming she and her family will last this long.
This is too sad for words.
Add a car accident every 5-year. The cost is now bankruptcy/injury/death.
I was one of those super commuters from Tracy. Had to leave Tracy at 4:30 AM to avoid the traffic congestion that started at 5 AM. It really got bad after 2016 when folks from the bay area were being pushed out into the Valley because of the high cost of homes and rent in the bay area. Now the homes in the valley are way over priced not to mention new construction home are big homes on micro lots with just a patio and no yard or side yard. Tracy use to be a non congested town but they are clearly building to cater folks from the bay area. This seemed to be the trend throughout California so my solution, I moved out of the state. This is the plan of those who have created this upon the middle class.
@bling0023 I commend you for moving out. Many people are afraid of change. May be in order to stop or control this ridiculous housing crisis, many Californians will need to move out of the state.
@@pumarealtor I honestly am certain that is the big tech companies plan. To price out the middle class so you only have Rich and Poor in California. 117k a year is considered poverty in the Bay Area and that's insane
@bling0023 Yea that is insane. What's also insane is many folks in the Bay Area prefer to stay and suffer through this housing and poverty crisis rather than move out like you did.
$1400 for the lot rent?.....WOW!!!!.....More then my mortgage payment on a 2200 sqft house
DelbertStinkfester that’s cheap Southern California beach cities it’s over $2500 and in Newport Beach it’s $4000 to rent just the lot
@@timothyyhtomit I don't understand where people get the money to pay those prices....Is everyone in So. Cal. making $75 an hour?
@@DelbertStinkfester mostly roommates or people who own houses renting out rooms for like 500-1000 a month some people rent rooms and have two people two a room and each pay that amount of rent its insane
In California it's normal to rent bedrooms. That shits weird out east. Telling someone you live in someone's bedroom would get you creepy stares
@@mr.b3168 lol
Move to Washington State, about the same income, no state income tax, and it’s still affordable......if you pay rent in the Bay Area you’ll be able to afford a home. Why struggle so much? Our family left the Bay Area and my children are flourishing. Once you leave, when come back to visit... you’ll be asking why didn’t you leave long ago.
Just don’t vote democrat or you’ll ruin other states too. Unfortunately Oregon and Washington already turned blue. Conservative states that are outvoted by the big cities
adrian m8 true
adrian m8 hahaha because red states are doing great, right? alabama and mississippi are shitholes with high unemployment and poverty...
@@ingrid44556 At least they don't have poop on the streets and homeless camping on the sidewalk
@@ingrid44556 Maybe unemployment reduces costs of living, houses are much cheaper after all there.
That house should be worth about 150k. Man I wish I owned property out there before it got so expensive. Imagine the fortune you would make selling your house. This is why buying property is smart. You can get a situation like this where the house appreciates tremendously over time.
I just looked up the price of this home today. July 28, 2022 and discovered it recently sold for $4,650,000! That was 4/21/22.
Wow
My job took me to San Jose in 2005- 06. Lived there a year. I would look at the TV and see dumpster homes for $400k! I thought, who the hell is buying these dilapidated homes at such a ridiculous price? Then the 08 crash came. I'm reminded of that watching this.
Every time you fill out an application it cost $30 for a credit check. It can cost you $700 in fees just to find a place.
I saw another show that showed overseas investors that speculated bought and held empty real estate. This artificially lowers supply which prompts price increase. This is not allowed in stock trading but somehow allowed in real estate. When these overseas investor start dumping product you will see another housing market bubble pop.
Buying more real estate means paying more property taxes. Every 100 houses you buy you give the govt 1 free each year.
You got that right. There are 100s of brand new "Housing Over Retail" developments with empty storefronts on the ground floors. At night, there are hardly any lights on in the residential floors. I believe there may actually be an over supply of housing and prices are sky rocketing just because of speculation and panic buying.
Yeah right the crash is upon us
I mean Holy Hell what kind of jobs do these people have to afford the payment on those prices.....What are they getting 100 year mortgages or something?
The crash will be epic compared to 2008. The job market will evaporate like we have never seen before. Boomers will be dumping their houses as fast as they can starting in March.
@@idiocracyishere4531 Silver is ridiculously cheap right now. Better get in
@@DelbertStinkfester They don't have the jobs or income this is a International Central Banking Attack on all Americans. Been going on for 35 plus Years.
@@idiocracyishere4531 what will happen to all the houses? What jobs, work will be of value? Are people still going to want to have social gatherings-hangouts,chill outs, music venues, sesh'es? Was the crash a sign of consciousness collectively no longer believing in the hype. For a human to have work the kind of work that gave sail to the soul that work actually fueled the soul.
Real simple. Move out of the Bay Area. I am. I've been priced out. Rent will never come down. Despite all the housing being built now
EXACTLY.....CHANGE YOUR QUALITY OF LIFE...MOVE OUT OF CALI
There is no housing being built lol. SF hasn't increased housing construction in 30 years
Seems like leaving the super expensive bay area would be the only thing that can possibly work.
that chart seems like BS - there's no chance in hell you're finding a house in San Fran for 1.4Mil
Wow! That house on 44 ROBERT ROAD, ORINDA was offered at $899,000 and sold at $1,200,000 on 11/13/2018 and four years later (2022) have a value of $ 1,838,400 ! 🤯
Wow
Psh, that's why I moved from the bay to the south. The state is garbage. My sister in law lives in the ghetto of Union City. Paying 2,600 a month in tiny, broken, apartment. People get shot on that street
That's right you're correct
Union city/hayward/Castro valley houses go for at least 900k and the streets and crime are crazy
Are you in Virginia Beach VA now?
It appears that the Bay area has become the type of city where having a very high income is the only way you can survive in it. For the people who are becoming priced out of the market, it may be time to look at alternatives like a less expensive state. Why prolong the agony? Eight people in a one bedroom is absurd!
Yeah if the mom says 10,000 income to rent they are Probloby asking 3 to 4 times the rent income in order to live there
Last time I checked there were no walls on the boarders of the states, you are allowed to freely go and move to places like Nashville , Charlotte , Greenville , Orlando, columbus Ohio, etc I can go on, but you can find steady jobs anywhere I'm the states if one thing doesn't work theirs other opportunties to go and try, this isnt a dictatorship here , we can move wherever we want
I 100 % agreed!! Your freed to GO!! I'm staying as all my other siblings! We were here since the mid 1950"s....life is Good!!
All those other places will eventually get developed like California. Do a search for "Agenda 21" and you will see the plan to pave over the entire country into one coast to coast "Mega City".
@@kansasthunderman1 LOL it's impossible for the rest of the country to wind up like the Bay Area because there aren't enough people to make the entire country that dense. You're talking out of your ass
Chinese have destroyed Vancouver Canada's housing. SF as well?
@@Ayooluwaigandan Foreign Investment = Chinese.
Richard M No Richard.... HONGcouver!! Lol!
Technology & biotech companies are everywhere in the Bay Area. These jobs pay extremely well.
Just blame China for all the problems. So, Chinese gov fund Apple and Google right?
and sydney to ! plus other locations. Its called a SEVERE imbalance of weath "income inequality" around the world.
I was priced out of the bay area 30 years ago. I can only imagine now.
Yeah, $899,000 is the lowest priced home in the neighborhood. Says it all. Nobody in my profession can afford that. I have a small metal shop. We have rented in the Bay Area for 38 years. I always dreamed of building my own home with my own hands. Raising two children we always rented in decent neighborhoods so our kids could grow up in a safe environment and go the decent schools (always more expensive) We sacrificed home ownership for our kids. In 2016 we purchased a 1.5 acre parcel of "raw" land near Flagstaff Arizona. I am building a Timber Frame mountain lodge style cabin from lumber I milled myself for my wife and I to retire with the help of our two boys! The greatest family adventure of our lives. No way we could do this in the Bay Area. I go twice a year and stay for 2-4 weeks (until the money runs out) then I return and start preparing for the next trip six months later. All debt-free. I own the deed. Property taxes were $350 last year. Permit fee for the cabin? $400. In California expect to pay over $100,000 for permit fees alone. Let that sink in.
She lived here 20 years but never learned English?
And?
@@MimiKeel and...that's probably why they are broke.
@Phoenix No you don't need to learn Spanish to communicate with them - you end up not communicating with them. And they end up learning nothing.
No shit. I lived in China didn't know a word and spoke it pretty fluent after 3 years.
#MAGA!!!! #JapaneseforTrump!!!
My mortgage here in (undisclosed location) for a 3 br, 2 bath house is $762.00 a mo. Our home is worth $179,000 and I make $17.50hr and I don't care much for tech jobs.
This is what it's like in Austin Texas now 😭
Ironically cuz California moved there
@Anonymous Guy It used to be that way in California too. Then the whole greed thing happened with building and pricing housing for the highly-paid tech engineers; and meanwhile, regular people are priced out. I mean, where do *we* go? We didn't ask for this!
@Anonymous Guy Sadly, that's true. Where to go, though - that's the question.
My husband and myself left san jose in '99 when we saw what was coming. The high tech companies came and the rents were super high. We left to monterey county and the rents were so much cheaper by $1000 less..We plan on leaving california when we can retire and go to washington or Utah where it's a calmer and affordable lifestyle. Calif is overrated!
Looks like a Giant Tech Toilet lol.
It is.
Just wondering about what are the problems facing homeowners who bought decades ago.
Hello fellow Bay Area residents. I'm Darrick, born & raised in San Jose, Ca. My grandmother worked at At&t in Santa Clara for 33+ years and bought a home in the early 80's for $120k. My father in law's parents bought their home in 1971 for $24k. Now these 2 house are "worth" more than $1.2 Million. 💰It's not necessarily the home as much as it is location (tech jobs aka silicon valley) & supply/demand. I NEVER thought that someone born & raised in a pretty nice city would grow up to be out priced by tech workers & H1B Visa foreigners. Either i stay and put up a good financial fight to survive, or simply leave and find a new horizon.
DemiseMusic&Entertainment why stay and struggle when there’s other places you can live comfortably? I was also born and raised here in California but looking elsewhere to another state. Look around on Zillow check out home prices in other states. Way cheaper than here.
@@Daniel-z2j2v I've looked on Zillow & Redfin. Central Valley, California is pretty affordable compared to the Bay Area and Los Angeles/San Diego area. Ive also looked at states like Nevada, Oregon & Ohio.
leave and leave your liberal politics there, that's what ruins the rest of the country.
I grew up in Saratoga, my parents had a custom home built there in 1968 for $40,000. That home today is probably worth around $4,000,000 and while it is Saratoga, it's the part that is about two blocks from San Jose, so I'm not talking about anything over the top (I meant no disrespect to San Jose, just trying to show the location). I've lived in San Diego since 1990 and have a pretty nice place with a fair amount of equity, 3 bedrooms 1,500 sq ft. If I decided on a whim to sell and move back, I could maybe buy an old 600 sq foot 1 bedroom condo in need of remodel with no garage in south San Jose with a lousy commute and a mortgage about $200K more than what I have now.
With 1.2 million, you could get a 5 bedroom 5 bath house on the water here in florida, with a pool, and a boat to park behind it. Probably a gtr too
I left in 1994, I'm sure glad I did.... but now this story is in Boise, Idaho.... crazy!
It’s ridiculous. I’m waiting for retirement and I’m gonna RV full time. I’ll never be in the same place for more than 14 days.
Priced out?
Then one is not looking at all of the options.
1. Find a general contractor to do work on a house. If the house does not need a lot of work find any contractor that will not charge you full retail. Try local hardware stores to find people who do regular company work, but also work on the side - if they can also be insured to do so.
2. Learn to do as much as possible by yourself = within reason and within being legal. You will not be able to do most plumbing work or most electrical work.
3. Get more creative... Add solar/battery to make financing considerably better - and add in a lot of refunds.
4. Strongly weigh an duplex combination, or converting to a duplex if possible (yes it is possible if one knows the way to do it); or even purchasing an apartment building.
Besides money (which doesn't take as much as one thinks); time is the only thing against you.
Having all the rich Chinese buy up everything didn't help. Kick them out before it's too late!
The Chinese "investors" should be locked out of the US housing market, period. (Unless they are citizens)
They already have our jobs. They should NOT be allowed to purchase our country too.
It’s not just the tech companies that are causing the issue. A big issue is foreign housing investment. There should be a moratorium on these investments.
3:36 That's not an exposed ceiling. That's a deliberate design choice made by the original architect. This ceiling beam look is actually very much in style today, especially in converted factory building lofts.
12:45 he’s worked for the same company $17 hr ..... hmmm ok day labors are 100-160$ a day all illegal but why hire your company when labors so cheap? This is a sanctuary state, and most Hispanics vote for that. Well you would be marking a hell of a lot more than $17 hr but you vote for open boarders. I don’t want to hear any complaints about income. You need to adapt as the hispanic population rises expect higher taxes and lower wages. No big deal for those with money as the rise in cost is minimal to them. Life goes on as normal for the rich as your rent rises 2, 3 now maybe 4 times higher than before. You blame the rich white man for your decision to allow illegals to undercut your wages? Hilarious! I have money as I’m a salesman and Mexico is not really a country of salesman. I just tire of hearing the poor complain as we tell them what’s best and we’re called racist. You can lead a horse to water but can’t force them to drink.
About a month ago I travled from EU to visit SF. I was shocked by the amount of homeless people and how people who worked at starbucks,subway etc. couldn't even speak english to me. The city was such a letdown I can't even beging explaning it to you.
@Michael Asay where is it??
This is so crazy! Bought a new build during the Pandemic in April 2020 for $460,000 in Colorado. Can't believe people could afford to pay that kind of money in 2018. SMH.
How about move out of California....it sucks!
Would love to, believe me!
The Hispanic family were soo humble. Great on them, and hope things work out for them.
Local politicians: we want high paying jobs!
Also local politicians: we don't want new buildings!
What the Hell are you talking about? New buildings are going up right and left and the Bureau Of Building Inspection is rubber stamping approval with inadequate review.
@@kansasthunderman1 Just not for affordable housing!
This is sad. I was born and raised in the Bay. Most of the people there now aren’t even original residents. It’s so overcrowded now. I bought a home an hour away in a suburb and couldn’t be happier. I pay way less than what I was paying in rent in SJ. I said adios to SJ and I’m not looking back.
People move move out and leave California empty to see who s going to work for them
You guys need to get the hell out of there . Take your fam and friends with you
I had to leave Ny for Ohio in March 22. Cost of living in Ny is insane.
There’s a SPECIAL PLACE IN HELL, for all the people taking part in the displacement of ALL these people! It’s Ungodly to do this.....
It isnt a crime to want a job and a home. The situation is extremely simple. There are high paying tech jobs creating demand for housing, but there isnt enough housing being made. Blame your idiot politicians who over-regulate and prevent development. Or maybe the current residents who selfishly say NIMBY because they want to preserve their neighborhoods so called charm. Ironic that the people who complain about housing are the same who support the policies which exasperate the problem.
It's supply and demand. It is what it is, no one's fault
@@Inbal_Feuchtwanger or blame the bay area for being greedy and wanting all these companies out here and no commitment to hire locally. Plenty of jobs for others who aren't from here
It's not supply & demand - it's systemic greed because corrupt people took a necessity & turned it into a commodity.
A lot of people are also priced out in Malibu and Beverly Hills.
Why spending time making the video but not making the volume right?
Lol, and all this time, I thought there was a problem with my phone
Not so different in Seattle Wa. I bought my golf course home in in 2010 and now I could not qualify for my home even though my income has doubled in 8 years. I have moved out with my boyfriend and now rent my home for twice the mortgage.
D. Vaders , you’re ballin 🤑
I live in SF make 145,000 and struggle.
Arizona here we come
Good luck. Save your self from that shithole!
????? 96k after tax. 3500/month rent or 2000/month for dwelling unit if you want to live inner sf. 2500/month rent or 1500/month for dwelling unit if you wanna live daly city/south sf. 200/month utility, 50 internet, 50 phone. 500-1000/month food. 500/month gas,car,insurance. 32k left for savings. Do you spend on cocaine and hookers? If i was to budget realistically for my lifestyle, I could bring the number down a lot lower.
Honestly would hate to live in another state other than Cali, which is why majority of people are moving south or north of the Bay Area, get a decent home for $200-$350k
If you this this is expensive
Take a look at hongkong
Singapore
London
Vancouver
The list goes on, so yeah this is normal
What about all the people that got into the game early, sold their home to make a million or 2 then retired off elsewhere??
I'd rather not.
Yeah but most of the San Francisco area is single family homes; price per square foot may be higher in the cities you mentioned but overall costs are likely higher in SF.
Agreed 100%!! Yes, i got in the game early, I'm staying in my home (baby boomer).
This is exactly what my friends and I were discussing. We were all looking to buy a home at one point but are all priced out or don't want to buy a dilapidated shack for 1m. Although everyone is saying it will go bust/crash soon, just looking at other similar cities shows that a bubble may not be the case. It will just get more and more expensive.
Please turn your volume up!!!! It’s too low.
The issue here is over-regulation. Deregulate and make it easy for people or companies to build. Look at Japan, they only got like a two-page requirement to be able to build. you can literally build anywhere in Japan as long as it's sectioned for housing residential. You can get permits in the matter of weeks not years. Which is the case here in California.
But if your an American or foreigner to Japan then you cant buy real estate there.
@@ifihadsmesumchicken6276 Alot of realestate in Japan is free as well. Due to lowering populations after all.
@@genericscout5408 Not to foreigners.
What the Hell are you talking about?
New buildings are going up right and left and the Bureau Of Building Inspection is rubber stamping approval with inadequate review. There are lots of defective buildings that will be damaged beyond repair if an earthquake happens close to the city. Millennium Tower got built without a foundation on bedrock and there's a lot more crappy construction out there.
@Thelondonbadger How can a building permit be limited to just 20 to 50 pages? An adequate engineering report for a plain vanilla apartment building is at least 100 pages. Do you want contractors to put up buildings by the seat of their pants like in Egypt and India where they fall apart with everyone inside?
I'm from south America, I'm jumping back over the wall.... America is finished
The " HAVES" could give a ratsass about "the HAVE NOTS"...I'M DISGUSTED BY THE GREED OF PROPERTY OWNERS AND CITY MANAGERS THAT LET THIS HAPPWN! What is worse is there are ways to alleviate some of the homelessness....i.e. TinyHones or Secured Tent Cities....maybe not ideal but why must these people have to live like this?!? SHAME ON THOSE WHO SAY," NOT IN MY BACKYARD"...
So, six months later we're mid pandemic and people are out of jobs. Most of the tech is working from a rental or worse now looking at this seems insane. In my neighborhood alone there is three empty rental homes in the past month.
:/
I lived in the Bay Area for 14 years before moving away eight years ago. The housing and rental costs were the primary factor for my move. Despite having a good tech salary (I was making about $160k per year including my bonus), the home costs were just unreachable. The only alternative is to live in the far flung areas and deal with two hour commutes daily. Eventually moved to the East Coast and now own a 5/3 2700 sqr.ft house that cost me $375k. Would have been $2+ million in the Bay Area. The thing that amazed me the most was that my salary wasn't that much lower when I opted to move. I currently make about $130k a year now and I am in a state with no income tax. So from an after tax perspective, I make about the same as I did in California.
For those that are considering moving to the Bay Area, make sure you do your research. Even videos and articles like this one often fail to do the situation justice. You can be a six figure worker in the Bay Area and you might be living as well as a college student when the housing costs factor in.
All that pay......& classified as the working poor........ :(
Diomedes01What about those who were born and raised in the bay area all there lives like me since 1950's? I owned my home, as well as my 3 other siblings who also own their homes? We bought in the early 1980's and we're NOT leaving.....Baby boomers Yeah.....
I got my house in Solano area and at the right time after the last big housing crash. I think it was about 2012. It's not huge. About 1100sq feet. 3 bedroom, 2 bath for $155,000. I've done work on it but prices have shot way back up once again. My commute is about 15 minutes!!!
My mortgage is around $1100 a month. Property taxes is a couple grand a month.
I just refused to overpay for a house. I lived in q mobile home for years because of that. It was a single wide. Not very large at all, but I owned it and lot space rent was not to bad. That is a way to go.
S.F. Doesn't want to build any housing. Many other city's are like that also. So it is supply and demand.
The bulk of this is pure greed and no laws to stop ppl from raising rents simply because they can and they don’t care who they throw out on the streets. GREEDINESS!
Availability of homes and apartments is only part of the problem. The other part is lack of rent control. You could build 1000 new apartments tomorrow, but it wouldn't help the poor and middle class people because they'd all be priced at the current market rate, which is the real problem. Due to the tech giants and other extremely profitable industries making that area their home, there will always be someone (usually from outside the area or US) willing to pay the $1M price tag, or the several thousand dollar price tag for a decent apartment that you could actually raise a family in. There just simply aren't enough affordably priced options. If it can be profitable to sell a 2br apt somewhere else in California at around $1,000, then why can't it in the Bay Area? It's simply that the rich who own all of the land/apt know that whatever outrageous prices they set will eventually find someone willing to pay them; there is no incentive to lower prices.
In my area we have several places that are rent and income controlled. It is still not ideal as renting still takes over half of someone's income. But it is, at the very least, manageable if you have a roommate. This way, there are always options available for everyone, regardless of income. And owners are still able to make a nice profit. In fact, they seek out to buy uncontrolled properties and turn them into rent controlled ones because you spend less on bells and whistles and just provide the apt to the renter. Whereas the "luxury" apartments have to provide a gym, pool, community club house, laundry rooms, etc etc in order to justify the higher price point. When some friends of mine were looking for a place to rent, they were interested in one apartment but unfortunately made just over the income limit. The owner told them that they had just bought the complex across the road and it was the next income bracket up. If I remember correctly there are incentives in place here by the gov for owners to provide rent controlled properties.
I agreed with you I live in Philadelphia so housing is still affordable but the new apartments are crazy I mean 2k
wow a studio for $400K....I can buy 3 houses and 1 brand new year model car for $400K where i live
Where do you live? Detroit?
how long does the super commuters trip take?
*People will be commuting from Reno soon.* 😂😂😂😂
Give it time
Once self-driving cars become a thing I wouldn't be surprised
Don't laugh. They probably already are!
Why isn't my comment that I sent 2 days ago show here? (shows to me only if I sign in)
I've turned down several professional jobs in the bay area due to the cost of living there.
Decades ago, when I used to work in San Francisco, my Manager lived in Fairfield, where he could afford a house for his family with five children. He left the house early in the morning, then went to North Berkeley BART station to pick up carpool riders. That way he was able to drive onto the carpool lane, then drop off the riders near the Transbay Terminal, in San Francisco. That saved him some driving time.
not just in Bay Area, housing price is overpriced.
@Anonymous Guy No, it's all over. It's just blatantly obvious in the Bay Area!
@Anonymous Guy Hmm, that actually sounds good. I don't know if I'd be comfortable in a "stand your ground" state, though...
Imagine living in a mining town but nobody living there can work in the mine....a fishing town where none of the residents are qualified to fish. This is the problem in the bay area. Nobody can work in the tech industry that actually was raised here. Oracle just moved their big conference to Vegas because of hotel prices and bad street conditions in SF. Businesses are leaving as well. I can't wait for the bay area to self destruct because of the greed of the cities and landlords. You don't need more housing for the people here. You should have never moved these tech people here in the first place. Then allowed the companies to pay little or no taxes to contribute to the communities that they are affecting. If you work in any non tech job in the bay, you are basically paying taxes to a city to put you on the street. Trust me, none of the money you pay for taxes goes to help a gas station attendant, fast food worker, or retail employee find housing or programs to get them in housing. Democrats need this crisis to continue so they can look like good guys and continue to collect money for programs that do nothing for homeless.
Overpriced housing has been happening in my city over the past few years. The only bright spot is that crime has been slowly decreasing just because all the poorer people are being forced to move outside the city.
So are all your service workers. Have fun doing everything yourself!
Lol insanity. 90 min commute? My commute is 10 miles takes me 12 min on streets. $1 million house? It cost about $100,000 in many other states.. aaah theres a thing called move! It will be ok you’ll make new friends. Your family ain’t going no where.
Alot of people are too poor to move.
The fixer-upper looked fine to me. A little paint and a little elbow grease - I would like living in a '50s time capsule, as long as everything worked! I just would like a place to live!
The comments here are so idiotic. Always blaming one group or another for the problems. The housing crisis here is the results of VCs and tech companies wanting to come to the same location and gain the network effect. If they spread out beyond the bay area, the crisis would alleviate but they would lose the network effect. Having lived in many areas of the countries, including tech hotspots like Austin (10 yrs), I can testify that the network effect of the bay area is very real and doesn't exist anywhere else in the country.
Since this country has lost most of their manufacturing base and losing leadership in many areas, the question is does the USA want to continue being the global leader in tech? If so, this is the savage price we must pay. Seattle, Austin, Boston, and New York COMBINED could never replace the bay area. Austin is like a tech desert compared to the bay area. This cruel dynamic is the cost for the network effect and global tech leadership. Imagine America's economic position in the world without the bay area and NY's financial industry. Number 3, 4, 5?
supply and demand, numb nuts,
@@thefrugallandlord2226 The demand is international
I live in Seguin, Tx. Right in between San Antonio and Austin. Down the road from San Marcos and New Braunfels. In this city you can get a mini mansion for $500k. 🤦♂️
London is worse, in London we have millions of people that don't work and live for free in London UK (social housing), while working people on good salaries have to live 1 hour train (40-50 miles+) commute out of London. I know a contractor on £900 per day that lives down south and flies in to london when needed because it is cheaper and quicker than trains and cars.
Could never take a car in London, not only is there traffic lol, there is charges for just driving in, then there is no parking and I mean zero parking, so everyone has to catch the train, pretty much 90% of professional people in London UK catch the train and live outside of London.
I am talking top lawyers and bankers commuting on trains.
what is a murphy bed?
20yrs at that landscaping company and he still at $17/Hr. Smh school would of got him paying more during the matter.
Not everyone has a capability do go to college .
In case there is character limit, I'll write a short version. If you earn 100.000 dollars a year you should get paid about 6000 dollars a month (after taxes etc). Accodring to Zillow, there are a lot of 1-2 bedroom appartments that would be big enough for a young couple without children. There seems to be plenty in the range of 2300-2800 dollars per month in Santa Clara, Sunnyvale and San Jose for example. If this couple doesn't have debt and has savings (free-education countries, sold house when moving abroad), then I would definitely say that 100.000 dollars per year is enough to make a decent living. Just pointed out that it isn't as bad as many claim. Probably for many who has kids, student loan and no savings it wouldn't be enough but don't say that nobody can cut it with low 6 digits. I might miss something but I doubt it.
This is why alternative living is the way to go guys get the van RV tiny house change the way of life guys this is why people earn that don't buy into the mainstream capitalistic greed nonsense
No idea why some people absolutely REFUSE to move elsewhere since the Bay Area is no longer affordable. Recognize that prices do go up (sometimes dramatically), and not everyone will be able to afford. Move elsewhere!
Yeah in Mountain View now they have built many new multi level apartment buildings.... BUT those new units start at $4000 / month for a dinky one bedroom.
It's financial aparthide.
Ever since Google announced it was hiring 23,000 new employees in MV, the greedy landlords started jacking up the rents. 3 yrs ago a one bedroom apt went for $1200/mo. Now it's $2800-$3200
At this point my wife and I are living in our van.
I wish I could escape from this insane environment.
Wish is that my wife and I can leave this Looney bin and find some decent people and a much more peaceful existence