Our neighbor to the south is on its way to becoming just a little more memorable with the news that San Jose now has the highest median home prices of any metro area in the country. While we all love to talk about just how expensive it is here in San Francisco, a new report from the National Association of Realtors tells us that things could be worse.
Picked up by ABC 7, the study provides some insight as to just how bad things actually are in San Jose — for the first time ever, we learn, a US metro area now has a median single-family home price of over $1,000,000.
"[With] homebuilding activity still failing to keep up with demand and not enough current homeowners putting their home up for sale, prices continued their strong ascent - and in many markets at a rate well above income growth,” explained the National Association of Realtor's chief economist Lawrence Yun.
In other words, not enough housing is being built and the cost of existing housing stock is increasing faster than wages. Sound familiar?
San Jose, with a median home price of $1,085,000, currently ranks as the most expensive metropolitan area for would-be home owners. The second most expensive? That would be San Francisco coming in at $885,600. In fact, four out of the top five are in California — the only exception is the urban area of Honolulu.
So congrats, San Jose. It appears that people really, really want to live there. Looks like you have something to be proud about other than the fact that your Wendy's chili doesn't actually come with human fingers in it.