Millennials struggle to afford houses in the Bay Area. Here's why 

Just millennials? I think EVERYONE is struggling to buy a house here.

😂😂😂😂😂 the bay area started pricing everyone out in the 80's when they allowed foreign investment into the housing market. Don't be fooled by modern-day analysts.

95% of the people I know who have been able to buy a home were only able to do so after living with family rent free for a substantial amount of time.

I used to buy these pickles for $2.99 in 2020, now they are $5.99. rent is insane, making it hard to save money. Housing princess exploded too. Older people have multiple homes renting it out, while younger generation cannot afford anything. I feel like things will only get worse.

Ever since we bailed out the Banks back in 2008, housing prices have went through the roof-tops. The banks at that time foreclosed on many homes and re-sold them at double & triple the price. We bailed them out and the realtors made the banks tremendous profits. In San Jose, almost every house for sale now has a price tag starting at $1.5 million and climbing to the moon. Most people cannot afford the $200k down payment to start the paperwork.

The biggest factor is not enough supply, but also the fact we treat housing as a commodity.

feel like news channels just keep this story on tape and whenever it is a slow day, they just take it out and replay it

Not only mortgage, you have to pay property taxes, home insurance, or even HOAs as high as $200 a month for as long as you hold on to the property.

Food for thought: The average cost of a house in West Virginia is 186k. if you're going from SF to Maine, you'll end up living like a king with the amount of saved money. California isn't going to get any better any time soon.

Why would anyone want to buy a house in SF, home of the homeless?

Old money baby boomers bought up the best places to live in the world. They will not let these properties go. First come first serve..

Why are prices so high for a crime/drug infested area?

I live in the Central Valley, make $60k/year. Got approved for $200k. Too bad there’s nothing in my area or anywhere else for $200k since homes are going for over $400k even in the worse crime infested neighborhoods.

We were sold a lie! My dad told me oh son…. You need to save 50% for a down payment! Buying a home today is outrageous for me! I’m going to be 42 and I don’t even think I will get to buy one!

It's always been expensive in the Bay Area. My wife and I have rented for the past 40 years because we could never save enough for a down payment. We always rented in decent neighborhoods so our 2 boys could live in a safe place with decent schools which ALWAYS costs more. It's a "catch-22" but there's hope! We rented until the boys were grown and THEN we started looking outside of California. We bought our first property in 2016. A 1.5 acre of "raw" land in a northern Arizona Ponderosa forest. We are building a Timber Frame mountain lodge style cabin with our own hands from lumber we milled on our small sawmill. The greatest adventure of our lives AND our sons are helping us build. We had to go where they would let us build and permits were affordable. California is a lost cause, sorry. Absolutely no way we could do here what we're doing there. California is losing a lot of good hard working people. It's very, very sad. My advice is to get out as fast as you can.

Who needs a house when you can remodel your high top van into a luxury suite on wheels. 😅

Waiting for their folks to pass and perhaps inherit

Stop trying to buy homes in San Francisco, look at more affordable places

Not just millennials... EVERYONE has problems. There are allot of other places in the states to live. Just open your mind

Can't afford a home with such high interest rates, and when rates drop can't afford it again because the price will rise. Can't win.

Stagnant wages.... Im sure millennials in the bay area work in tech getting paid +100k a year... 😂

Here's why: Most don't work hard and don't know how to save. No not all of them for you people getting offended.

Its not that home prices are increasing its that the value of the currency is falling - home price increases just reflects the dollars are worth less so it takes more of them to buy the same value they once did. This is what happens when the government prints trillions of currency out of thin air.

After the Govtment and other taxes take away pretty much over 50% of your take home pay, then they expect you to pay taxes on anything purchased, then afford 1+million dollar home mortgages, plus increasing food costs. It's getting insane

We restrict a lot of land from being used for housing and we restrict how many units can be built on the land we do develop.

Having homes going to Air B&B doesn't help.

It’s not rocket science. Housing prices and rent has been rising and wages hasn’t. If you made $100K a year 10 years ago, buying a house wouldn’t have been a problem. $100K now, with other living expenses, it becomes extremely difficult. The state has to fix this. That’s why California is losing so many people to tax free states like Nevada, Washington and Texas. I know a few people who make great money that have moved to Texas. Especially now that there are so many jobs that have gone remote.

It’s impossible when people are not even trying as hard as previous generations. You wanna door dash from McD? With that mentality it’s just not going to work!!!

"Tell me what they're waiting for." For Boomers to die and alleviate the wealth disparity AND for the housing bubble to burst, crash, & burn, so houses become affordable again so we can buy one.

I would love to live in Monterey or Pismo Beach but can’t afford to so instead I live in Brentwood. I would love to fly first class too but can’t afford it so I fly Southwest. That’s life. Get over it.

I was born and raised in Palo Alto. My dad was a surgeon at the Palo Alto clinic and Stanford so were well off. My entire family left the bay area 10+ years ago because we couldn't or didn't want to pay the huge costs to live there. I have no home town anymore due to Zuckerberg, et. al.

If you were born prior to 1980 in America you pretty much have no excuse to be poor because there's only N number of available homes due to - Zoning laws - Lack of dense housing - Land grabs This essentially means as populations and industries in the Bay Area (or across the world) grow, there's increased demand while there's a hard ceiling to supply. It's why we don't see a lot of new homes but we do see old homes appreciating in prices YoY regardless of interest rates. Then you have to compete against uncontrollable factors: - Inflation - Market Entry Points - Wage Stagnation At this point, you're kind of forced to compete with those who have been in the market for many many years prior to you. For context I'm in my mid-late 20s and we've already had to encounter, (1) COVID Layoffs, (2) Impending Recession, (3) One of the most volatile stock markets since 2007. If you had put any amount of money in the market within the last 5-7 years you essentially made decent money but not enough to outpace those who have been in the market since the early 2010s. Those in the early 2010s did not outpace growth of those who had money in the market in the 2000s. This is the whole idea of it being an uphill battle for people within our age group (20s to early 30s). If someone was 22 and put in a dollar in the market in 1980s, 1990s, 2000s, or 2010s -- chances are they earned more for that dollar over 10 years (22 y/o to 32 y/o) than someone who put it in the market in the 2020s. The older generation effectively priced out the younger generation from being able to own any piece of property so if we come out working hard, building startups, and displacing older industries we're an immediate threat, because we are trying to own our fair share of what is objectively available since wealth is seen as a zero-sum game in America, and for the most part the entire world. Additional factors: - Flatlining Birth Rates - Longer Life Expectancy To explain here, what happens is that the younger generation has less voting power since for every 4-5 boomers, there may be 2-3 millenials/zoomers which is effectively 20-33% less voting power. It's all just math -- so when old(er) people talk shit on the young(er) populace, I see your point a handful of people are entitled and lazy but it's not exclusive to young people. I'd argue old people want to work less hard and have less incentive to change their ways because they're equivalently as stubborn -- just a bi-product of being human.

Democrats allowed Real estate investment trusts fueled with foreign investment to jack the prices up. If a current home owner is going to pay 28% tax on the gain of 250 k they are not going to sell and move.

wife and I have a combined income of 500k and we cant even afford a decent home in the bay

Stopping buying 20 dollar avocado toast and an 8 dollar starbucks drink everyday and it will be easier to afford...

I bought a 700k house by 26, And I’m not that smart and I had no spouse funds. And I’ve paid 6 figures in taxes. It’s really easy if you aren’t an idiot. I’ve been around many millennials and most of them are smoking weed and drinking and not caring at all about saving or working hard

Waiting for things to change is not a strategy. There are many courses for action that people can do. rent out a room instead of your own private space so that you can save money as much as possible. Buy a starter, one or two bedroom condo a little bit further away from where you live. Down the line use the gain from your condo to trade up for your next home. No one said it is supposed to be easy but then again, nobody complains about the incomes people earn here.

I want to give the editing team a BIG round of applause. Great job people!

I had to move away from California to buy a house. Go where you'll grow. Now with home insurance businesses leaving California that has to be considered on top of mortgage and taxes.

While I empathize with the desire to possess something, it's crucial to remain vigilant regarding potential insurance problems. One area of concern is the withdrawal of insurers from the state owing to the rise in wildfires and other related issues. Additionally, there may be instances where existing policies are canceled.

Quit whining and save your money for when the market goes down. Housing prices run in cycles. I couldn't buy a home until I was 29.

But at the same time, $3 million and $4 million new construction homes are selling out very very quick right now in Campbell and Pleasanton.

This is why I can only own a house in Brentwood or Tracy right now. 😞and just barely.

Water is wet?

"2/1, no parking, no CHA. Good neighborhood, from the low $3,000,000's."

Part of he problem is not knowing which gender to list on a job application Maybe they should go to a less expensive place to live

“I’m a millennial” - 🧢

A decrease in mortgage rate is not a good thing for housing prices, idk what they're talking about. Higher rates is only a bad thing if we don't get a hard landing/if unemployment stays low. The longer rates stay up, the more likely of a hard handing we get. It will decentivize people from buying and force people to sell, and sell at lower price. Your 3-4% rate won't matter once you're unemployed and can't pay your overpriced $2m mortgage.

Don't California my Hawaii!

Hmm maybe corporations shouldn't be able to buy houses

I got a tour of META once; picture the biggest building you've ever seen, packed with at least 10k millennial workers, all making $150k and up. You do software? Ok, $500k up. You do AI software? Ok, $1m up. Plus RSUs. And all these people need somewhere to live and you have a feeding frenzie of competition. Sure, the Millennial is screwed, but so are normal people who exist outside the tech industry, who will never get a lump-sum in the form of a handy stock payout. They save until their 40s for that down, and some kid sold his just vested NVDA options for the entire amount.

Higher interest rates sure don’t help! Thanks JB!

Home ownership is becoming a thing of the past. Those days are over unless you are rich or come from a rich family so you can inherit.

In the Bay and everywhere... times have changed and with a few hoarding more of everything, it just means a lot less for most ppl til it collapses. History repeats when the few have it all and the majority get hungry.

I'd like to see a study done to show the profit side of the equation and if its changed over the decades.

Gee, unless you already have a home, everyone is struggling in the Bay Area.

Stop complaining, get home buyer counseling, and be open to condos

hell just pitch a tent on the sidewalk or buy a junkie old camper and park it on the curb

According to President Biden things are getting much better ❤

The American dream. Some of y’all gonna wish you lived on the other side of the wall

Is that what we're waiting for? I don't think so. That's meanwhile. We're waiting for enough houses planned for people expected in a location. When industry booms, job creations are well advertised; why then there's no plan to accommodate those people without letting the surge happen? Why builders do it better than administration and bureaucrats and benefit from that?

Dude. People haven’t been paying student loans for years! Where’s the saved up cash!? Lol

The only people that i know who own homes in Silicon Valley are in Cupertino. The only reason they are able to live their is they were born and raised their and mom and dad willed the house to them. So they are living in their childhood home. And since the houses were given or sold to them by their family they still fall under prop 13.

But they all voted for local politicians and Biden, who raised mortgage rates. Change who you vote for.

Hey kids, come to N.E. Ohio! What would cost millions in SF goes for $175,000 here! Plus, no earthquakes, floods, forest fires or mudslides.

So glad we bought our little townhome in 2012.

If you can’t buy a home in the city you live…leave.

This guy just said that home prices will drop and that will make people want to sell their homes. Interesting.

I'm a millennial and I'm in the same boat....We aren't the best generation that's for sure 😐

Gen X can't even afford homes.

You also pay extremely high property taxes when you "own." You essentially pay rent to the government. You don't actually own anything lmfao

This may be a crazy off the wall idea but maybe move to a place where you can buy a house…

Remember, the ones that bring you the news now a days make a lot of money and truly do not understand the reality and pain of the struggling person. They only say whay they are told to say. I bet she owns her home.

Quit selling homes to companies based out of the country, aka China and India. Also, prioritize those who are purchasing that live in the same county. Edit: maybe if we was paying half as much in gas as we are now, folks would be able to save, not spend so much just to get to work, especially with the amount of commuters. Prices of goods and servies would (hopefully) go down since they are not as much to ship. Instead democats bend over for OPEC

Just move somewhere else. The problem with cities with a dense population like SF is there isn't any space left to build housing, so you're fighting over an ever-shrinking inventory. Yes, SFH can be purchased to build multi-family, but that isn't going to happen in bulk, so it's not going to create enough new units.

Interesting.

I know several people who want to buy homes but they are living in luxury rentals, taking exotic vacations, eating in fancy restaurants, playing credit card reward games and financing new cars. We need more supply but people also need to actually save.

In other news... "Water is wet and the earth is round. Here's why"

You can afford a $1.2m house if you make around $75k a year and don’t spend any of it on food/living for the next 25 years, by which everyone will be 60+ years old 🙂

It’s EVERYONE!!!!

Uh, none of what Scott says makes any sense. How would a fall in interest rate lower home prices? Why would sellers be more willing to sell when prices fall? Why would home prices fall when there’s more demand from lower interest rates? Realistically, home prices are as affordable as they’re going to get for the next few years. As interest rates fall, home prices are just going to shoot up even faster. Don’t doubt for a minute that the people with means are going to dive into the housing market as soon as homes are more affordable to finance. Barring an actual recession or a spike up in interest rates, home prices are headed higher. Waiting is a sucker’s bet that the people with homes, like Scott, would recommend to Millennials.

Millennial thinking: mommy and daddy will help me out .......when they die.

And they refuse to move to areas they can afford. This isnt to say things arent outrageous but sticking to the area you cant afford not the best plan

It's almost if the lack of affordable housing and the homeless crisis are connected! 😲

constant tech lay off and the pay is not enough...

Everyone is struggling….

You can buy in Humboldt County for $400,000.00

Stop buying coffee drinks 😂

It’s simple. Build more housing: approve all of it and as much of it. Increase supply. Lower prices

Its simple...just buy on the outskirts of the Bay Area, like Idaho 😂

Oh you can’t buy a home in the bay for $50-75k with wages being close to the same? It’s called am unfair advantage! Prop 13 inevitably would cause a huge wealth gap. Figure it out

Remember to thank the Dems and Biden for inflation and high interest rates, and do not forget Newsome 😂😂😂😂😂😂😂

There's plenty of land throughout the United States, the American Dream is still there but you have to move further out from the coastline.

Millennials are screwed.

Record high rent, inflation and jobs not paying what they used too.

Unchecked capitalism and greed.

We can't ever afford student loans, how exactly are we supposed to own houses?

What are the odds two interviewees sharing the exact same name @ 0:52 and 1:06...

I thought they didn’t want to buy and just wanted to live in the city and rent. Now we hear they want to buy?

House are expensive. We already know that. This "news story" enlightens not at all.