Housing

Report: Inexpensive homes hard to find in Bay Area and California

Mark Prado

Growing housing prices continues to be a concern, especially for those living in the most populous and desirable U.S. cities. And for good reason as, with the constant rise in million-dollar and luxury homes for sale, the threshold for what is considered affordable homes is getting higher as well, according to a new report from Point2Homes.com.

The analysis found that homes for under $150,000 now make up less than 5% of all homes currently on the market in the most in demand U.S. cities, while homes under $100,000 are almost non-existent.

Among the findings for the Bay Area and California:

  • Three of the most populous cities in California have zero homes available for $150,000 or less: San Francisco, Oakland and Irvine
  • Of the cities where the median price is higher than $1 million in the Bay Area, only Fremont and San Jose have homes for $150,000 or less for sale: 1% in Fremont and 0.3% in San Jose
  • In the top 10 largest US cities with the highest share of homes under $150,000 currently on the market, California has six cities with shares that exceed 3%: Bakersfield, Santa Ana, Fresno, Riverside, Sacramento and Chula Vista
  • Bakersfield and Santa Ana have the highest share of listings under $150,000: 4.75% and 4.39%, respectively
  • In five of the largest Californian cities, homes under $150,000 constitute less than 1% of all homes currently available on the market.

To see the full data with the highest and lowest shares of listings under $150,000 visit: https://www.point2homes.com/news/us-real-estate-news/affordable-homes-50-big-cities-does-150000-get-you-anything-anymore.html.