Dan Francisco's Bay Area has been in the midst of a tricky housing situation thanks to the booming economy. It is now becoming exceedingly expensive to afford a home in the Bay Area unless you have a six-figure salary coming in.
"A new study released Thursday points to why the California housing crisis is so acute, particularly in the Bay Area — where a home destroyed by fire sold for more than $900,000 and it would take four minimum wage jobs to afford an apartment: More people are moving in from other states than moving out," according to National Mortgage News.
"No other region in California has experienced such explosive growth of high-paying jobs. Statewide, between 2011 and 2016, California added just 171 homes for every 1,000 people."
The cost of living is skyrocketing in the Bay Area and research from Beacon Economics showed that despite growth in California's low-wage earners pay, the growth in pay for middle-income and high-wage earners continued to exceed it, according to the report.
Some teachers are finding it extremely difficult to find an affordable place to rent, let alone purchase a home. It is sparking some pretty difficult times for low-earners to compete with.
To learn more about the tricky housing situation in the Bay Area, click on the image above.