1. Thousands Commute To The Bay Area Daily- The job market in the Bay Area has been doing well, and people from all around Northern California has been making their way to it. However, many of them don’t live in the region. This is because of a lack of affordable housing.
On average, more than half a million vehicles enter and leave the Bay Area, which has nine counties, and that is on a daily basis. The region also includes three counties in Monterey, as well as three in Northern San Joaquin. It’s worth mentioning that this doesn’t include the Bay Area, so this should give you an idea of how many people travel or live throughout the region.
It’s easy to see why workers do such brutal commutes on a daily basis, especially when you take a look at housing costs. The median home value in the Bay Area is three times more expensive than Merced county, San Joaquin and Stanislaus county combined. In San Francisco County, home values have increase by almost 50% over the course of 10 years, but in Merced County, they decreased by almost 50%, and that’s for the same time period.
What can be done to ease the gridlock in Northern California? How about keeping workers off the roads? The Bay Area Council thinks it would be a good idea to invest in public transportation, as well as grow employment in the regions of San Joaquin and Sacramento.
2. Brexit has played a role in pushing mortgage rates down. This is regardless of the financial markets feeling rattled after England voted to leave the European Union. In other words, the decision has impacted home-buyers in a good way.
Freddie Mac said that the rate on 30-year fixed mortgages dropped on the weekend of June 30. In fact, it dropped to 3,49 percent, which is the lowest it has dropped since summer 2013. Now, they are hovering near around 3.31 percent.
An economist with the company said that the yield on 19-year US Treasury bond dropped by 24 basis points. This was as a result of Brexit. The economist said the drop in mortgage rates should support strong home sales, as well as refinancing over the course of the summer.
3. California is home to the smallest apartments in America. It’s no secret that apartment sizes across the country have been shrinking over the years. In California, the average renter can expect to find some of the smallest apartments in the country.
In fact, a study by RENTCaft discovered that in 2016, the average size for a new apartment is 934 square foot, which is down by almost 10% from 2006. Studio apartments have declined in size too. In fact, they have dropped by 18 percent in the past 10 years.
The average apartment size in California is 843 square feet, and that makes the average size smaller in CA than any other region in America. A number of Californian cities appeared on the list that RENTCafe released. However, San Francisco did not make it to the list of the top 20 cities in America with the smallest apartments.
Oakland is the best place to rent an apartment if you’re looking to rent in the Bay Area. This is because Oakland has some of the largest apartments in America. Not only that, but they ranked high for having spacious studios, which average 540 square feet.