OAKLAND in California, – San Francisco and San Jose are among the 10 cities most affected by housing shortages according to angi.com.
San Jose is a tech hub, home to Tesla, Apple, and Google. But, the city has one of the biggest housing shortages in the United States Compared to the same time last year, there are 20% fewer homes on the market in San Jose, the biggest drop from the country.
About 660,000 people live in the nation’s capital, but competition for housing is driving some residents away. Over 20,000 people left Washington DC in search of more affordable options. But residents who have remained face greater competition for available homes. New registrations in DC have dropped 16% over the past year.
The Bay Area is known for its exorbitant cost of living, but in San Francisco the prices are only going up. House prices in the city have risen 6% over the past year. According to a RE/MAX report, San Francisco is one of the top five cities to see the biggest drop in home sales last year. Housing available on the market has fallen 4% over the past year in San Francisco.
Boston’s new listing rate has fallen 5% year-to-date. More than 15,000 people have left the historic city in search of more affordable housing.
Miami home sales are down more than 15% from a year ago. And one report by Florida International University found that nearly one-third of Greater Miami homeowners spend more than 35% of their monthly housing income.
San Diego and Los Angeles were listed in the top 10 cities with the biggest housing shortages.