this post was submitted on 18 Oct 2023
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What is the size of the “median” home in each area? Single family, or townhome, or condo?
Given that this appears to be a median average, this graphic does not account for the extremely wide variance depending on the cases above. A two bedroom condo and a five bedroom single family home could easily have a $2000/mo variance in the mortgage cost.
The other item that would perhaps be useful would be to call out what the down payment requirement is for each of these areas; ie, you can only achieve a $3000/mo mortgage if you’ve also put down $140,000, which is unachievable for over 90% of the country.
From the Bay Area, $1.5M will get you a two bed one bath or three bed 1.5 bath home built in 1925 or so. You can buy in a lower end neighborhood for a little less or a higher end one for a bit more, but the standard is going to be a craftsman home from 1906 with a driveway if you’re lucky.
I think the graphic also used a 20% down payment and a slightly over 6% mortgage in the calculation.
I just want to retire and move someplace cheap, like NYC or London.
Where in the Bay? Here in the Tri-Valley, you can get a 3-4 bed, 2 bath, for 1.5-.8 mil.
Even in downtown San Jose you’re talking about seven figures for an ancient craftsman with outdated electric and plumbing. Willow Glen, Los Gatos, Cupertino, you’re pushing $2M.
If you’re willing to commute from way up in the east bay, you can do a bit better, you’re right, but if you’re commuting to a South Bay company you’re paying for it in travel time and stress.
And tbh, I was stationed for a bit near Dublin. I can’t swear to what the prices are like now, but man, now that I’m out of that line of work I’d choose to live in East SJ or the peninsula instead.
But those are super reasonable prices, I will happily admit, and if you work in SF the commute might be worth it. We just need much more mass transit.