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San Francisco Bay Area
Reply to "How do People in the Bay Area buy 2-3 million houses"
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[quote=Anonymous]Same way 'people' in NYC are able to buy 2-3 million condos. Start off with a larger base income with all the lawyers and financiers present, otherwise the rest of the buyers are independently wealthy or the top 5% in their respective fields like fashion, publicity etc. There's also the fact that 65% of the people living in New York City [b]rent[/b]. That's roughly 5 million people renting for their entire lives. 1/5th of those renters have a household income over $150,000. https://www.nytimes.com/2018/02/15/realestate/rent-increases-2017.html https://www.rentcafe.com/blog/rental-market/new-york-high-income-renters/ All that to say - I believe people are vastly overlooking the fact that the broad majority of Bay Area dwellers or NYC dwellers just can't afford to buy at all. [/quote]
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