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Indybay FeatureRelated Categories: North Bay / Marin | Education & Student Activism | Health, Housing, and Public Services
Younger workers are being locked out of the Sonoma County housing market
This article is on the housing crisis that is happening in Sonoma County and how it is affecting the younger generation.
The current median price for a house in Sonoma County is double what it was five years ago, at $639,000, which set a new record for the first time in 12 years. This affects the younger generation and makes it harder to purchase a house in Sonoma County. Not only are houses extremely expensive but increasing student debt for those wishing to get a higher education is contributing to the problem. On top of that, with the housing market being so expensive, monthly mortgages are higher and the annual income needed just to make the mortgage payment is higher than before, and in most cases is unattainable.
After regular bills, any debt that has been accumulated, unforeseen circumstances that could lead to unforeseen bills and life in general, it is hard to even save enough money for a substantial down payment on a house to become a homeowner in the first place. Affordable houses for young workers is in high demand right now, and if something can’t be figured out, we are going to be seeing a lot of the younger generation relocating elsewhere or never becoming homeowners at all.