High monthly mortgages in San Jose are reinforcing a sense of hopelessness in South Bay millennials who dream of buying a home.
Neil Collins, the head of the Santa Clara County Association of Realtors, said he knows trying to break into the Bay Area housing market is a daunting scenario. Still, he told NBC Bay Area his agents are finding plenty of buyers, although there aren’t a lot of homes for sale.
It’s that inventory crunch which has helped keep prices high in the South Bay, even as interest rates have climbed from 3% to 7% over the past two years. “I do have second thoughts. Was it cheaper just to rent?” said Rajappa. “Or is it worth buying a house?” “We’ve been looking to move out of the state, frankly,” said Mahoney. “Because we just can’t afford to live here.”
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