There's about a 50% chance that a home in San Francisco or Silicon Valley costs $1 million, reports The San Jose Mercury News reporter Richard Scheinin.
He digs into a new eye-opening report from Trulia that reveals the Bay Area has seen the nation's most dramatic increase in the share of million-dollar houses.
The San Francisco metro area (which includes San Francisco and San Mateo counties) tops the list. There, the percentage of homes valued at $1 million or more has nearly tripled since 2012, from 19.6% to 57.4%. Scheinin writes:
The price appreciation here reflects a Bay Area-wide problem: the lack of housing supply amid a robust tech economy that creates jobs -- and the demand for more housing.
The cycle "is not sustainable," said Matt Regan, senior vice president of public policy with the Bay Area Council, which recently conducted a poll showing massive frustration over housing prices among residents.
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