The two cities with the highest percentage of million-dollar homes in the U.S. are in the Bay Area.
According to finance company Lending Tree, San Jose is at the top with 54% of homes in the seven-figure-or-higher range. No. 2 is San Francisco at 42%.
With tech jobs and tech salaries rising, the average home price has been rising in Silicon Valley, to the point where, as of now, the majority of houses in the Capital of Silicon Valley are being valued at a $1 million or more.
Britainy Carriles pretty much sums up what young people feel when they find out they’re living in the city with so many expensive homes.
“Like, the chance of someone my age right now, being married and having their own place is not feasible,” Carriles said.
To put the statistic in perspective, only 6% of homes nationwide eclipse the million-dollar mark.
“People want to live in a nice area, they want to be close to their job, they want to have a nice downtown, and they can afford it, working at Facebook or Google or Apple,” said Holly Barr, real estate agent with Sereno Group.
But for those who don’t work in tech, such a high percentage of seven-figure houses can be daunting.
“It’s a very difficult time for average people to find houses,” said Robert Chapman Wood, professor of strategic management at San Jose State. ”Lots of really decent people living in cars and campers.”
As for the remainder of million-dollar list, suffice it to say Los Angeles came in a distant third at 19%.
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