Northern California is the most expensive place to live in the country, a new report shows.
Approximate 81 percent of all homes in the San Francisco metro area cost $1 million or more, according to a report from online listings platform Trulia. That’s up from 13.7 percent at same time last year, the New York Post reported. That’s much higher than anywhere else in the country, where just 3.6 percent of all homes are above $1 million.
But Bay Area neighbor, San Jose, claimed the top spot in terms of where prices are growing the fastest with its 14.2 percent year-over-year growth just beating out San Fran. About 70 percent of the housing stock in San Jose is $1 million or more.
A similar study by LendingTree revealed that more than 17 percent of all homes in Los Angeles are worth more than $1 million. The July study ranked L.A. as third in the nation for the highest-share of million-dollar homes, following San Jose and San Francisco respectively.
Rising prices, coupled with a dwindling supply, has much to do with California’s overwhelming presence on both reports. Newly elected governor Gavin Newsom is hoping to ease some of the state’s affordability issues by building 500,000 homes per year. [NYP] — Natalie Hoberman