The State - News from July 2, 1989

Families seeking to buy their first home in the San Francisco Bay Area have received two glum reports guaranteed to put a damper on their weekend searches. The California Assn. of Realtors says only a record low 9% of Bay Area residents can afford the median priced home of $267,634. Another survey places the average price of a home in San Mateo County at $301,107--the first county in California to break the $300,000 barrier. The association of realtors’ pessimistic report said there was no sign that the situation will improve soon. Bay Area buyers needed a household income of $90,936 to qualify for the median price home--the first time the income requirement had surpassed the $90,000 mark. At this time last year, the association said, 22% of Bay Area residents could afford the median price home of $196,817.