2 Bay Area cities among top 5 towns with the biggest housing shortages
SAN JOSE, CA - MARCH 04: Hotel De Anza opened its doors in 1931, now surrounded by new buildings along W. Santa Clara St. in downtown on Friday, March 4, 2022 in San Jose, CA. (Gary Coronado / Los Angeles Times via Getty Images)
OAKLAND calif., - San Francisco and San Jose are among the top 10 cities experiencing major housing shortages according to angi.com.
San Jose
San Jose is a tech-hub, it's home to Tesla, Apple and Google. But, the city has one of the biggest housing shortages in the U.S. Compared to this time last year, there are 20% less homes on the market in San Jose, that the biggest decline in the country.
Washington D.C.
Roughly 660,000 people call the nation's capital home, but competition for housing is driving some residents out. Over 20,000 people heave left Washington D.C. in search of more affordable options. But, residents that stayed are facing more competition over available housing. New listings in D.C have dropped by 16% in the last year.
San Francisco
The Bay Area is known for sky-high cost of living, but in San Francisco prices are only going up. Home prices in the city have increased 6% in the last year. According to report by RE/MAX, San Francisco is one of the top five cities to experience the biggest decrease in home sales this past year. Available homes on the market have dropped by 4% in the last year in San Francisco.
Boston
Boston's new listing rate has fallen 5% year to date. Over 15,000 people have left the historic city in search of more affordable housing.
Miami
Home sales in Miami have dropped over 15% compared to last year. And, a report by Florida International University found that nearly a third of homeowners in Greater Miami spend over 35% of their monthly income on housing.
San Diego and Los Angeles were listed in the top 10 cities with the biggest housing shortages.