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Kenneth Session THE BAY AREA HOUSING MARKET: PROJECTING THE FUTURE OF BAY AREA HOUSING MARKET A PEEP INTO THE BAY AREA HOUSING MARKET According to C.A.R., Bay Area’s housing price growth in November was the largest price increase in California. Although the pandemic has taken a significant toll on other economic sectors (services, retail, etc.), technology has continued to thrive. San Francisco is a city mainly driven by tech; therefore, the urgent demand for vacancies has doubled as many people are working from home. There is an urgent need for more offices as so many transactions have been taken online. According to a Mercury News, the San Francisco Bay Area boasted an increase in growth during the pandemic as highincome-earning tech workers who were steadily employed leveraged on the lockdown by saving their money (which may have been used for traveling and other leisure activities) and purchasing real estate properties.
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IT IS DIFFICULT TO OWN A HOUSE IN BAY AREAS NOW Why affordability may not be a problem of homeownership in Bay Areas, availability is. Considering the popularity of San Francisco and the rat race for accommodation, it is almost a task for someone to find a house of their choice. This is because there is an increase in demand for houses, so the competition for who owns and rents a place automatically skyrockets, leaving little space for neophyte investors and homeowners to tussle.
THE POWER IS NOW MAGAZINE | FEBRUARY 2021
