First the good news: housing affordability improved in all nine Bay Area counties in the third quarter. The not so good news: home price growth continues to exceed wage growth in general.
San Francisco was the exception with housing prices increasing by 6 percent while wages increased by 10 percent.
Of course, even with the modest improvement in affordability Bay Area residents must still pay a substantial higher percentage of annual wages on mortgage payments. All Bay Area counties are higher than the national average of 37.7 percent led by Marin County where residents would have to pay out 104.7 percent of their wages to afford a home.