Oct 23, 2020
No rain in Bay Area forecast for next 2 weeks: 'We find ourselves in a moderate to extreme drought'
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SAN FRANCISCO -- The rainfall looks bleak for the San Francisco Bay Area, putting the region on track for exceptionally dry start to rainy season, according to ABC7 News Meteorologist Mike Nicco.
"We are not going to have rain for next two weeks," said Nicco.
The latest map provided by the Climate Prediction Center shows the rainfall outlook from October 30 to November 5 does not look promising for the Bay Area.
RELATED: Where's the rain? Bay Area facing moderate to severe drought conditions
"We find ourselves in a moderate to extreme drought," said Nicco. "We are 25 to 43% of where we should be. We are lacking nearly a feet of rain in some areas and unfortunately the next seven days are dry as a bone."
Nicco says last winter was so dry that we also fell into a dry spring and now this.
"We are off to a slow start to rain season after coming off a rain season that was only 50% of average," added Nicco.
Looking deeper into the forecast, "most of the winter is looking below average precipitation wise and warmer than average also. I don't really see any relief in sight," said Nicco.
Watch the latest AccuWeather forecast and take a look at recent weather stories and videos.
News Source: abc7news.com
Housing | Heres how much you need to earn to buy a home in the Bay Area
That’s by far the highest homebuyer salary necessary anywhere in the country, and more than triple the average required nationwide income of $75,000 a year, according to a recent report by mortgage data analytics firm HSH.com.
The Bay Area real estate market has long been among the most expensive in the world, and owning a home in the region has become out of reach for even more buyers during the pandemic.
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But with interest rates rising, more properties on the market and an increasingly uncertain economy, prices have begun to decline in recent months. Even so, homes aren’t necessarily becoming more affordable. In many cases it’s the opposite, with higher interest rates making it more expensive for buyers to take out mortgages.
As the Federal Reserve has raised the cost of borrowing this year in a bid to slow runaway inflation, mortgage rates have spiked accordingly to around 5% for both jumbo and conforming 30-year fixed home loans. While rates have dipped in recent weeks, they’re still well above the less than 3% charge during the depths of the pandemic.
“It’s fair to say that incomes are also rising, although not by enough to offset these significantly increased requirements,” the HSH.com report states.
In the San Jose-Sunnyvale-Santa Clara metro area, buyers need to make over $330,000 a year to afford a median single-family home price of $1.9 million, a 29% increase in needed salary from last year, according to the report. The median annual household income in the city of San Jose was only about $117,000 in 2020, according to census data.
When accounting for mortgage payments, property taxes and insurance, the average monthly cost of owning a home in the metro area comes to over $7,700.
For the San Francisco-Oakland-Berkeley metro, buyers need to make at least $250,000 a year to afford a median single-family home price of $1.4 million, a 20% salary increase. The median annual household income in the city of San Francisco was about $119,000 in 2020. The average cost of owning a home in the metro is $5,800 a month.
The report used data for the first three months of 2022, when interest rates were lower than they are currently, meaning the cost of homeownership may now be higher even as prices have begun to soften.
After San Jose and San Francisco, the metro areas with the highest needed homebuyer salaries include San Diego ($167,000), Los Angeles ($149,000), Seattle ($141,000), Boston ($130,000) and New York ($129,000).