Posts Tagged ‘San Francisco Bay Area’
Lower home prices and interest rates led to an increase in home affordability in the third quarter, the CALIFORNIA ASSOCIATION OF REALTORS® reported.
Making sense of the story
- The percentage of California households that could afford to purchase a median priced home of $292,120 rose to 52 percent in the third quarter, up from 51 percent in the second quarter.
- C.A.R.’s HAI measures the percentage of all households that can afford to purchase a median-priced, single-family home in California. C.A.R. also reports affordability indices for regions and select counties within the state.
- Home buyers needed to earn a minimum annual income of $61,530 to qualify for the purchase of a $292,120 statewide median-priced, existing single-family home in the third quarter of 2011. The monthly payment, including taxes and insurance, would be $1,540, assuming a 20 percent down payment and an effective composite interest rate of 4.63 percent.
- Regionally, housing affordability rose in most counties in the San Francisco Bay Area but was down in Los Angeles County and Fresno County. At 77 percent, San Bernardino County was the most affordable, while San Mateo County was the least affordable, with only 25 percent of households able to purchase the county’s median-priced home.
Read the full story
http://www.latimes.com/business/realestate/la-fi-housing-affordability-20111111,0,6083426.story
By Frank Michael Russell
Posted: 04/28/2011 10:56:35 AM PDT
Updated: 04/28/2011 02:59:54 PM PDT
As home prices fall and rents climb, it could make sense to buy in the Bay Area’s three largest cities, according to a report from San Francisco real estate website Trulia.
The site compared rents and list prices for two-bedroom apartments, condominiums and townhomes in the nation’s 50 largest cities. Trulia calculated a “rent-to-buy” ratio of 12 for San Jose, based on rents for two-bedroom apartments of $1,500 to $2,000 a month and listing prices of $200,000 to $300,000 for two-bedroom condos. According to Trulia, a rent-to-buy ratio of 15 or less means the costs of ownership are less than the expense of renting.
San Francisco and Oakland, meanwhile, are cities where renting is less expensive, but buying might be a better option depending on individual financial circumstances.
San Francisco has a rent-to-buy ratio of 19, based on rents of $3,000 to $3,500 a month and listing prices at $700,000 to $800,000. Oakland has a rent-to-buy ratio of 16, based on $1,000 to $1,500 monthly rents and listing prices at $200,000 to $300,000.
Among other West Coast cities, Trulia says buying is better in Fresno, Long Beach, Sacramento and San Diego; buying might make sense in Portland, Ore., and Seattle; and renting is more affordable in Los Angeles.
The Trulia report — including information on other big cities nationwide — can be found at http://explore.trulia.com/datavis/rentvsbuy/Q2-2011/.
Contact Frank Russell at 408-920-5876. Follow him at Twitter.com/mercspike.
The Associated Press
Published: Tuesday, Nov. 9, 2010 – 5:51 am
Last Modified: Tuesday, Nov. 9, 2010 – 6:47 am
SAN FRANCISCO — San Francisco Bay area transportation officials may soon take another look at the idea of building a new tunnel or bridge across the bay.
A committee of the Bay Area Toll Authority on Wednesday will consider hiring a consultant to determine whether now is the right time to conduct a full analysis of the possibility of a new connection between the East Bay and the Peninsula.
The consultant would receive $400,000.
The San Francisco Chronicle reports that the idea of a new bay crossing last came up several years ago when its multibillion dollar price tag led to its dismissal as something the Bay Area could not afford.
But transportation officials say enough time has passed to take another look at the idea.
The consultants would consider costs and the latest ridership and traffic projections.
Read more: http://www.sacbee.com/2010/11/09/3171034/officials-may-another-look-at.html#ixzz14qVAoX9K
The Associated Press
Published: Thursday, Nov. 4, 2010 – 8:11 am
Last Modified: Thursday, Nov. 4, 2010 – 8:59 am
SAN FRANCISCO — Smokers in San Francisco can no longer light up in a restaurant’s outdoor seating area.
The law – approved by the city’s Board of Supervisors in March – went into effect this week.
Restaurants must not post signs advising customers they can only smoke at the curb or in a spot that is at least 15 feet from exits, entrances, windows and vents.
Failure to comply could cost restaurants a $500 fine.
Golden Gate Restaurant Association director Kevin Westlye tells the San Francisco Chronicle the group supported the legislation once a requirement that restaurant owners police people smoking in front of their establishments was removed.
Westlye says restaurant owners want to protect their employees and customers from second hand smoke.
Read more: http://www.sacbee.com/2010/11/04/3159442/smoking-on-restaurant-patios-now.html#ixzz14MpPO5qm
