ALAMEDA HOMES | Cost of Homes in Alameda 

Hi Peter, of course I always appreciate hearing from folks whose parents or grandparents grew up in the Bay and the contrast (economic, cultural, etc) to now. And yes, it's important to highlight that the disappearing middle class has yet again been put in a more difficult position when it comes to access to homeownership - now, because of sky high interest rates. I would say that lower mortgage rates and low(er) downpayment loan products WERE allowing newer professionals to purchase homes in these areas. And there are some folks who rely on help from their boomer parents or other relatives to assist with down payment to help them obtain a lower loan amount. Of course folks who work in tech often have higher median salaries and large amounts of company stock that allow(ed) them to purchase homes at these prices. There were lots of contributing factors to these rising home prices, and now that the interest rates have doubled since December of last year, fewer homes are affordable for previously mentioned professionals at CURRENT prices with current interest rates (above 6%). Some buyers are utilizing the First Republic Eagle Community Program (interest rate is 3.87%, closing costs credit), but 20% down is one barrier for most folks. Startup owners/other small business owners have access to lower interest rate products, another reason there are still buyers out there. In fall 2022, prices in the Bay, even in competitive areas, seem to be leveling off if not decreasing. This doesn't change the game for teachers, social workers, and professionals making less than ~$120,000 a year. It has made the market less competitive for those who can afford to purchase now.