Sunday, March 09, 2008

The Affordability Crisis

Here in the Bay Area, the relationship between the median price of a house, and the median salary, broke off their relationship a long time ago, and are no longer on speaking terms: I make a decent living ($19 per hour, more or less) and can only afford a studio apartment in Berkeley ($920 per month) that is practically smaller than my 20-year-old Toyota.

I'll believe the housing/credit/consequences-of-greed crisis is over when the median Bay Area salary can afford the median Bay Area non-swindle"creative" mortgage, and not one minute before. I think it will be a long wait.

No comments:

Post a Comment