San Francisco Bay Area No Longer Most Unaffordable Housing Market in the US
The San Francisco Bay Area is still an extremely expensive area to live in and has been for quite some time. It undoubtedly has some of the highest real estate prices and costs of living in the entire nation.
As recently reported on SFGate, another city in California has taken San Francisco’s place and the larger Bay Area for the distinction of “the nation’s least affordable metro area,” according to one report published back in February.
Austin, Texas-based AI real estate firm, OJO Labs, has now announced that San Diego is the least affordable metro area. This is mostly due to a staggering 14% increase in the “median sold price” for a house in the Southern California city when compared with January 2021.
The median sold price in the San Francisco Bay Area is more than $1 million, which actually confirms a decrease in median price from last January, according to OJO Labs. Along with the Fort Myers, Florida metro area, San Francisco is the only large city in the country to experience a decrease in home prices, OJO said.
Since the median household income in San Francisco is $112,449, which is more than $30,000 higher than San Diego's median household income, according to the U.S. Census Bureau the ratio of housing cost to median income is marginally higher in San Diego than it is in San Francisco.
It may be a bit of relief for prospective Bay Area homebuyers, but it is still important to take these findings with a grain of salt. Redfin and Zillow both acknowledge that the housing market is still very competitive because there are less homes available on the market.
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