News for hackers. Stuff that matters.

A comment on Wealthy mortgage borrowers face cold shoulder from lenders. Parent comment

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.

[ Parent | on HN ]
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...

[ Parent | on HN ]