Just in case the housing problems in Alameda and the Bay Area weren’t bad enough then comes articles like this to make you feel really good about housing affordability round these parts.
It does apply to the East Bay too if you’re wondering.
In the San Francisco metro area (which includes San Mateo, Alameda, Contra Costa and Marin counties), the situation is similar. The average buyer must set aside 180 percent of annual income to come up with 20 percent down. The median income is $91,777; the median 20 percent down payment is $164,920; and the median home value is $824,600.
Compare that to the nation as a whole: The average American homebuyer has to set aside the equivalent of two-thirds of his or her annual income to make that 20 percent down payment.
And this is even more disheartening:
Around the region, it has “become more difficult to buy a home now, a first home,” said Margaret Garber-Teeter, an Alain Pinel agent based in Walnut Creek. “Unless they’re earning a top-tier income, they’re getting help from somebody or something, whether inheritance, stock, or getting money out of some other piece of real estate — somehow they’ve been given a lump sum of money.
“Two teachers,” she said, as an example, “they can’t buy a house unless somebody helps them.”
Despite the housing issues faced by practically everyone who didn’t have the opportunity to buy housing 20 plus years ago or those with very deep pockets, some folks in Alameda think that the housing issues can magically be solved by doing absolutely nothing.
Last night, during an agenda item to extend amend to DDA for Alameda Point Partners we were treated to the most disingenuous arguments against extending the DDA from community members who warned about luxury housing not serving local Alamedans and instead needing “workforce housing.”
Naturally the only person who voted against extending the DDA was Trish Spencer who threw out some word salad that only made sense to those that justifying a reason to not want development at Site A.