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HomeMatters
November 2014 Realty Trivia Challenge
What city has the most expensive housing market in America?
Photo by: iStock
a. San Jose, CA
b. New York, NY
c. Greenwich, CT
Answer: a
The National Association of REALTORS® ranked San Jose, California, the most expensive housing market for the first quarter of 2014. The median home price there is $808,000. Here are some contributing factors to San Jose’s high prices:
- According to a 2007 San Jose case study, San Jose experienced the highest growth rate between 1970 and 1990. With imposed growth limits and pressures for the city to grow faster than it felt was “desirable,” home prices inflated rapidly.
- The Department of Housing and Urban Development states that between 1976 and 1990, the price of a typical San Jose home grew by 365%.
- Households in the city limits have the highest disposable income of any city in the U.S. with over 500,000 residents, according to the City of San Jose.
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