Californian metros are difficult places to buy into, due to increasing home prices outstripping salaries, according to a new report by StorageCafe.
The report looks at housing in terms of the buying power of different types of professions. The statistics are not good for Bay Area prospective homebuyers: the San Francisco and San Jose metro areas are among the least affordable, with no groups of professions able to easily buy an average home, according to the report.
It would take 14.2 years to save for a down payment in the San Francisco metro area (San Francisco-Oakland-Hayward) on the average salary across all professions, and in the San Jose metro area (San Jose-Sunnyvale-Santa Clara) the figure is 13.8 years.
The San Jose metro area — which includes Silicon Valley — has the highest average income across all professions at around $113,000. However, that's not enough to enable residents to afford the nation’s highest-priced homes, which average out at over $1.5 million. San Francisco is in second place in both those categories.
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