Marin least affordable Real estate market in nation

Least affordable markets: Marin, Santa Cruz and San Francisco are in the nation’s top five By Richard Scheinin, rscheinin@mercurynews.com Saturday, March 26, 2016 – 12:02 a.m. LARKSPUR, CA – FEBRUARY 21: A sale pending sign stands in front of a home for sale on February 21, 2013 in Larkspur, California. According to the National Association of Realtors, sales of previously owned homes were up 0.4 percent in January to a 4.92 million annual rate. (Photo by Justin Sullivan/Getty Images) (Justin Sullivan) Marin, Santa Cruz and San Francisco counties are among the five least affordable markets in the nation. That’s according to a first-quarter analysis of 456 U.S. counties by RealtyTrac, the real estate information company. In Marin County, the average wage earner would need to spend 109.2 percent of monthly wages to make monthly mortgage payments — including insurance and property taxes — on a median-priced single family home or condo. The median price there is $875,000. In Santa Cruz, where a median home costs $642,000, 106.9 percent of wages would be required to keep up with the mortgage. In San Francisco, where a median home sells for $1,102,550, a mere 95.3 percent of an earner’s monthly wages would cover the mortgage. RealtyTrac puts Brooklyn, N.Y., at the top of the list of the nation’s least affordable markets: 120.4 percent is required to keep up with a mortgage in that New York City borough. In Manhattan, 105.1 percent is needed. What is going on? Advertisement “Ultimately, it’s the disconnect between wage growth and home price growth,” said Daren Blomquist, RealtyTrac’s senior vice president. The company’s analysis is based on the cost of 30-year fixed mortgages, with 3 percent down. (The Federal Housing Administration insures loans with small down payments, though banks often require 10 or 20 percent down.) David Nolen Swaim Owner Tam Realty Inc DRE-1070789 609 San Anselmo Ave San Anselmo CA 94960 415-710-5504 www.tamrealty.com

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