Million Dollar Homes Rapidly Spreading in the Bay
It does not matter which house you pick as you drive on any residential street, the chances that it is priced by the market for at least a million dollars is pretty high.
According to a recent article in the Mercury News, homes in the San Francisco, Silicon Valley and Oakland metro area have experienced more than three times the price it was a couple of years ago.
The growing tech industry has influenced this massive number increase as more and more people are moving into this area attracted to the job opportunities. However, this does propose a huge housing crisis: the increasing population places a huge demand on housing supply.
Areas where the houses were initially built for middle class and medium income families are no longer occupied by people working a middle class income. In fact, areas such as the Oakland Rockridge have more than doubled the percentage of price increases.
These number are all only compared from 2012. A four year space in between has brought such a dramatic increase leaving people to wonder what will happen in the next few years.
Original post can be found on San Jose Mercury News, written by Richard Sheinin published on May 19th, 2016. Link is below.