Good afternoon Bay Area! Tony Leong here, I'm an executive producer at NBC Bay Area and these are the housing stories you need to know about this week. Let's do it.
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Money, money, money
You know living in the Bay Area that minimum wage won’t cut it. Now a new report confirms it. Workers who make the minimum wage of $16.20 in San Jose, need to work 141 hours a week to afford to rent a one-bedroom apartment. In New York City, minimum wage earners need to work 111 hours. There are only two cities on the list where a worker earning minimum wage can afford to work less than 50 hours a week: Tucson, Arizona and Buffalo, New York. See the list.
One group feeling the housing market pressure: Multigenerational Hispanic Households. There are several reasons that many are having problems finding new homes. Of course, there’s rising interest rates, high home values, and limited inventory. But did you know, it can be harder for that group to qualify for a mortgage, even if they bring multiple streams of income to the table? Also, larger families have different needs for their home search, which makes it harder to find the ideal home. Hear from two families who are dealing with the struggle.
Bad news for sellers: mortgage demand dropping to a 25-year low. The Mortgage Bankers Association says it’s at the lowest level since 1997. It’s down 4% from last week, and 38% lower than last year. We all know that mortgage rates are higher - the average 30-year fixed is at 7.15%. Take a look at the rates here.
Helping out
Looking for out-of-the-box solutions to end homelessness. In Oakland, so far short-term solutions like safe RV parking sites, tiny homes and approving a defunct army base as temporary housing haven’t seemed to slow the crisis. Since 2019, the homeless population has grown by 1,000 people to more than 5,000 in Oakland. Experts say there's likely more. What do you think?
Meanwhile, protests were held outside of Oakland City Hall. On Monday, Wood Street residents took over Frank Ogawa Plaza as city leaders met to vote on a resolution to utilize an area of the city for displaced residents. The group says those moved out by the area’s recent demolition have nowhere to go. Watch the protest here.
Props explainer
The midterms are nearly here and voters in San Francisco might be confused by competing affordable housing propositions. There’s a major push to get more affordable housing projects off the ground. We break down Prop E and Prop D here.
Dressed up homes
Straight out of Star Wars. A Houston home nicknamed the “Darth Vader House” is up for sale. The futuristic home, which was built in 1992, has two stories, four bedrooms and five bathrooms and is listed for $3.7 million. Do you want to live on the Dark Side?
See a listing that's too good to be true? Tell us about it by sending @NBCBayArea a direct message on Twitter or Instagram. You can also send us a message on Facebook.
Home as a canvas. An artist squiggles black-and-white doodles all over his entire home. We’re talking even over the sofa, the stove, the fridge, and the television. The six-bedroom property in England's Kent County is home to Sam Cox, 28, an artist who goes by the moniker “Mr. Doodle.” See the artwork.
By the numbers
Our NBC Bay Area business and tech reporter Scott Budman is always keeping a close eye on the latest housing stats. Be sure to follow him on Twitter @ScottBudman for more.
Investigative series: Overpriced, Overwhelmed, Over It!
Some small landlords say they are never renting out again. Will your rent go up? Small landlords make up a surprisingly large percentage of California’s “naturally affordable housing,” and yet some tell The Investigative Unit that COVID and heavy-handed government policies are squeezing them – and their housing – out. In episode 2 of our digital-exclusive investigative series, "Overpriced, Overwhelmed, Over It!", we explore these "landlord confessions."
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