81% of San Francisco homes are worth $1 million or more, vs. U.S. average of 4%
If you want to buy a home in San Francisco, you better have $1 million to spend. At least.
A whopping 81% of the homes in the metro San Francisco area cost $1 million or more, according to a new report from the housing website Trulia. That’s an increase of 13.7% since October 2017.
Trulia ranked 100 U.S. metro areas by how quickly they are adding million-dollar homes, year-over-year. San Francisco didn’t come out on top of that ranking — its Bay Area neighbor San Jose just edged it out for the No. 1 spot, with a 14.2% year-over-year increase in million-dollar homes.
But San Francisco tops the list of cities when it comes to the highest percentage of million-dollar homes overall in 2018.
In San Jose, 70% of the housing stock is valued at $1 million or more, good for second place, and in yet another Bay Area city, Oakland, 31% of homes are worth more than $1 million. From there, the list drops off sharply, with no other metro area topping 20%.
These million-dollar cities are anomalies in the U.S.: Just 3.6% of all homes nationwide are worth $1 million, Trulia found.
Of course, a major reason San Francisco has become so pricey: well-off tech workers are moving in and fighting for a limited supply of homes. And, to be sure, San Francisco’s smaller size and population compared with other pricey cities — notably, New York City — makes for particularly extreme results in the data.
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