Re:Wealthy mortgage borrowers face cold shoulder from lenders
by alexhutcheson on Friday April 24, 2020 @01:28PM
(#22970699)
Yeah my argument was that all the people who are buying those homes are significantly wealthier than the Bay Area median household.
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Re:Wealthy mortgage borrowers face cold shoulder from lenders
by bananabreakfast on Friday April 24, 2020 @07:39PM
(#22974138)
The median Bay Area household cannot afford to buy a house, yes, but that does not mean that those buying houses are significantly wealthier. The Bay is far, far richer than you can imagine.
Buying a house for $1M is firmly middle class status. True lower class people simply cannot afford to live in the Bay at all.
To be in the top 1% in the Bay Area you have to make close $1M per year.
Re:Wealthy mortgage borrowers face cold shoulder from lenders
by nickv on Friday April 24, 2020 @07:43PM
(#22974168)
Top 1% in San Jose is $964,238 (with the average person in the top 1% making $2,732,379), so right on target.
https://www.cnbc.com/2017/06/14/how-much-you-have-to-earn-to...