The Bay Area housing market is in crisis - and it's not just about mortgage rates. This video exposes the harsh reality that a staggering 82-83% of residents in San Mateo and Santa Clara counties cannot afford to purchase a median-priced home.
With the median single-family home price hitting $2 million in Santa Clara County, strict lending standards and high rates have made homeownership a near-impossible dream for the vast majority of the population. It's a reverse of the pre-Great Recession era when lax "no doc" loans fueled a housing bubble.
Now, skyrocketing prices and limited inventory, coupled with high rates, have priced out over 80% of potential buyers. This affordability crisis has devastating economic impacts but also takes a heavy emotional and psychological toll, especially on aspiring first-time homebuyers.
As the homeownership dream slips away, the implications for future generations are deeply concerning. This issue has far-reaching effects, and needs to be focused on to seek out solutions.
With homeownership out of reach for most, is the American Dream itself at risk in the Bay Area? Share your perspective on this critical challenge after watching.
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