In most parts of the country, buying a home is a rite of passage for a young or newly married couple or someone who has settled into a career.
The U.S. Census Bureau reports that at the end of last year, 64.2 percent of Americans were homeowners, but that percentage varies dramatically by age. Of people age 65 and older, 79.2 percent owned homes, but among those under 35, slightly more than one in three—36 percent—were homeowners.
If you live in the Bay Area, you might be chuckling at those statistics. Housing prices in this region are stratospheric and steadily increasing. Between the fall of 2016 and the fall of 2017, the median price for a single-family Bay Area home jumped 15 percent, to $825,000, a new high, according to CoreLogic. The dream of home ownership remains out of reach for many people, even when couples are each making six-figure incomes. (more…)