Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
Chicago 46,328
San Diego 46,033
Miami 44,238
Philadelphia 25,043
Houston 21,357
Dallas 20,684
Denver 18,637
Phoenix 17,124
Atlanta 16,904
Minneapolis 11,588
Portland 8,962
Orlando 7,975
Cleveland 3,712 Total Combined: 288,585
San Francisco Bay Area: 313,323
Needless to say, those places/PCSAs combined are several times (several) more populated than the San Francisco Bay Area (which only has 8.6 million people).
With double-digit real-estate price increases, the San Francisco Bay Area is showing no signs of slowing down either.
It has a little but we'll see if it's just temporary or if the region is hitting a wall when it comes to prices.
wonder if the market drop has influence much of the wealth creation has been via stock increases and wealth increases etc. that has driven the SF market. It cant expand forever though will be interesting to watch, i believe many tech stocks were disproportionately hit lately
maybe we should plot Bay area real estate prices versus some tech index and see if there is a correlation
I did something with Houston GDP and oil prices and was very well correlated
wonder if the market drop has influence much of the wealth creation has been via stock increases and wealth increases etc. that has driven the SF market. It cant expand forever though will be interesting to watch, i believe many tech stocks were disproportionately hit lately
maybe we should plot Bay area real estate prices versus some tech index and see if there is a correlation
I did something with Houston GDP and oil prices and was very well correlated
I would imagine there has to be some correlation, perhaps not as strong as Houston but this whole run up in prices is in partly fueled by the tech sector.
Is this the first time that the census has shown the San Francisco Bay Area take a lead over New York or has this been the case for some time now?
That number for NYC area seems very low. Maybe because the criteria is "owner occupied" and a lot of people rent or use them as summer homes or as an investment, so those wouldn't be in the stats? I don't know.
Coastal CA cities have always been really expensive, though. Even since the gold rush days. If the world ended, San Francisco metro home prices wouldn't tank all the way to $200-300K, which is sort of the norm for most large cities in America (they certainly didn't after the Dot Com, though there was a pronounced drop). Certainly some parts of the Bay Area would see housing prices fall to those levels, but I suspect the median would fall to ~$700K or something like that. It would still top American cities in overall pricing, and for various reasons.
Two things different or more pronounced now than in years or decades past are the level of foreign interest in the residential market (this has increased in a number of cities, but is particularly noticeable in the Bay Area, LA, etc), and just the fact that the Bay Area has grown so much and remains a highly constrained market. The 5 inner ring counties on the bay itself have added well over 500K people since 2000. Not Atlanta or Houston level of growth, but consider the environment: no more land to build on, extreme NIMBYism and provincialism, housing costs have always been at the top of the country, etc etc. Now consider that estimates show that this same area has grown in population by over 50% more since 2010 than the total added growth between 2000 and 2010. Things have really ramped up. San Francisco alone has added close to 100,000 people since 2000, which is significant, especially considering there haven't been nearly that many housing units added and so many units remain off the market still. A tech bust would send some people packing, but not hundreds of thousands. Nobody is predicting a repeat of 2000. Tech as an industry is such a misnomer because it encapsulates such a broad array of industries and sub-industries that have little to no bearing on each other. Social media crashing won't kill Uber. The cloud raining down won't kill chip manufacturing. Online distribution/retailing collapsing won't kill app development.
I think at some point, probably fairly recently, the Bay Area has hit a point of no return and become a real global city, so there will always be something to keep housing prices elevated at levels considered absurd by most Americans.
Coastal CA cities have always been really expensive, though. Even since the gold rush days. If the world ended, San Francisco metro home prices wouldn't tank all the way to $200-300K, which is sort of the norm for most large cities in America (they certainly didn't after the Dot Com, though there was a pronounced drop). Certainly some parts of the Bay Area would see housing prices fall to those levels, but I suspect the median would fall to ~$700K or something like that. It would still top American cities in overall pricing, and for various reasons.
That's not really true at all, in the 1970's CA home prices were pretty on par with the rest of the nation. Even through the 90's there wasn't nearly as much of gap as you see now compared with the rest of the nation.
They tanked to $350K not that long ago, not really that far from $300K, which is what it was in 2000 as well.
I think prices in the Bay Area drop once the Tech industry cools off which I still think is due soon. Prices don't rise forever and if you look at historical graphs of average home prices, there's always an eventual drop off.
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
