“We’re all in this together: Housing is a top priority”
By The Associated Press – SAN FRANCISCO (AP) It may sound like a joke, but for people living in or near San Francisco’s housing market, the word “housing” can mean a lot more than just the physical location of a home.
It can mean the way that someone chooses to live.
A new survey by real estate analytics firm Trulia found that the biggest concern for buyers in San Francisco is affordability.
While that may seem like a common complaint, Trulia has found that homeowners in some of the city’s most affordable areas are far more likely to be frustrated with the housing market.
In its annual Housing Report Card, Trimester found that more than 70 percent of respondents who live in or around San Francisco said they’re frustrated with their situation.
That’s a significant number given that San Francisco has a median home price of $2.6 million, well above the national median of $1.4 million.
More than half (52 percent) of San Francisco buyers said they were worried about affordability, while just 14 percent of buyers in the rest of the state were worried.
San Francisco’s median home sale price in 2017 was $2,955,000, while the median sale price for homes sold in San Jose was $1,921,000.
Trulia’s 2017 report card also found that buyers in parts of the Bay Area, including Santa Clara, Stockton and Oakland, are more likely than those in other parts of San Jose to say they’re “very frustrated” with their housing situation.
The median home buyer in the Bay area said they expected to make $300,000 or more in their lifetime, according to Trulia.
In San Francisco, that figure was $120,000 to $200,000 more than what Trulia expected.
Trulia surveyed 5,824 households in the San Francisco Bay Area between May 8 and May 31, and the survey has a margin of error of plus or minus 4.3 percentage points.
The survey includes both new and older homeowners.