Homeownership in San Mateo County Now Eludes Many Due to Skyrocketing Prices and Interest Rates.
The median-priced home in San Mateo County is now priced at $524,000 - a staggering increase from the required income of $326,000 needed to buy a house in the Bay Area as a whole. For California overall, the threshold has risen to nearly $223,000. High interest rates are cited by economists as the primary reason for this significant escalation.
Over the past four years, interest rates have hovered around three percent. However, they've skyrocketed to six or seven percent over the last couple of years. These numbers may seem striking on paper but have a real-life impact on many individuals in the region. Young people are particularly hard hit.
Several residents from the Peninsula were interviewed by our team. Many expressed difficulty with homeownership as an unattainable goal. "I don't think I ever will. For sure not here. Not in the Bay for sure. Maybe San Diego, maybe Arizona," said Prieya Sahni, highlighting the challenge of affording homes in the area.
In response to this affordability crisis, California has set new housing construction goals into law. Corey Smith, executive director of Housing Action Coalition, believes progress is being made but acknowledges that it will take time to overcome decades of poor decisions that led to the current housing shortage and displacement issues.
Each jurisdiction around the state has until 2031 to achieve its building goals. While this may seem like a long way off, it remains to be seen whether California's efforts to increase housing construction will be enough to address the region's housing affordability crisis.
The median-priced home in San Mateo County is now priced at $524,000 - a staggering increase from the required income of $326,000 needed to buy a house in the Bay Area as a whole. For California overall, the threshold has risen to nearly $223,000. High interest rates are cited by economists as the primary reason for this significant escalation.
Over the past four years, interest rates have hovered around three percent. However, they've skyrocketed to six or seven percent over the last couple of years. These numbers may seem striking on paper but have a real-life impact on many individuals in the region. Young people are particularly hard hit.
Several residents from the Peninsula were interviewed by our team. Many expressed difficulty with homeownership as an unattainable goal. "I don't think I ever will. For sure not here. Not in the Bay for sure. Maybe San Diego, maybe Arizona," said Prieya Sahni, highlighting the challenge of affording homes in the area.
In response to this affordability crisis, California has set new housing construction goals into law. Corey Smith, executive director of Housing Action Coalition, believes progress is being made but acknowledges that it will take time to overcome decades of poor decisions that led to the current housing shortage and displacement issues.
Each jurisdiction around the state has until 2031 to achieve its building goals. While this may seem like a long way off, it remains to be seen whether California's efforts to increase housing construction will be enough to address the region's housing affordability crisis.
I mean, I get it, interest rates have risen and all that, but you'd think the state would've done something about this years ago. It's like they're just expecting people to keep living in their parents' basements forever or something 
. And don't even get me started on the whole "years of poor decisions" thing... Corey Smith's saying it'll take time, but I'm all for urgency here - we can't just sit around waiting for decades for things to change.
. And by the way, $223,000 is still ridiculously high... that's like asking a person to save up for 20 years or something 
. Not sure if increasing housing construction will be enough to make homeownership realistic for young people...
but it was like impossible due 2 those sky-high prices. Now fast forward 2 2025 & it's even worse! I feel so bad 4 all the young people out there who are getting rejected from home loans or can't afford homes in their own backyard 
. The thought of moving to AZ or SD just bcoz they cant afford it is heartbreaking 
. As a homeowner now w/ my kids, I wish California would've taken action sooner 2 address this affordability crisis 
. I'm keeping fingers crossed that the new construction goals will make a difference by 2031 
. It's not just the price, it's the interest rates too... how are people supposed to save for a down payment? 
And what's wrong with California that they can't afford houses there? I've been thinking of moving to Arizona myself maybe 
Corey Smith's perspective is so on point too, it's all about overcoming decades of poor decisions that led to this crisis 
. I mean, who wouldn't want to live in the Bay Area? but seriously, if we can get more affordable housing options up and running soon, i'm all for it 
! maybe we can finally make homeownership a reality for those struggling to afford it 
Like what's a million dollars when you're just trying to get into a home? 
.
. But here's the thing: our worth isn't defined by a roof over our heads or a price tag on our home. We're more than just a house 
. So maybe instead of focusing on what we can't afford, let's focus on what we can create together 
.
. I'm all for California trying to increase housing construction, but we need to see some real progress soon 
. 2031 feels like a lifetime away...
... it's just not fair, you know? 
. I'm actually thinking of considering moving to San Diego or Arizona myself, haha, I guess that's what they say when affordability is out of reach 
. Corey Smith's right, though - it'll take time and a whole lot of effort to fix this mess 
my friends who go to university in the Bay Area are already stressing about how they're gonna pay their tuition fees let alone save up for a house 
, have you tried buying a house in San Mateo County lately? It's like trying to win the lottery! $524,000 is insane 
It's crazy that California is setting new housing construction goals, but let's be real, it'll take a while for them to fix decades of poor decisions. Maybe by 2031, the dream of homeownership will be as common as avocado toast in San Mateo 
. 2031 might be too long to wait...