Study finds San Jose is faring worse than other major metro cities in the U.S.
ou may have heard of a lack of new housing being built in the Bay Area, but a new study found that San Jose is doing worse than all other major metro cities in the U.S.
This housing shortage study was conducted by Angi, the company that helps users search for home improvement contractors. The factors in their study used listing rates for new housing, the number of residents leaving or moving in, and changes in housing prices.
Results of the study found that out of all the major metro cities, like Washington D.C. or San Francisco, the San Jose metro area – which includes San Jose, Sunnyvale and Santa Clara – is faring worse due to a shortage in housing supply. How did this happen? Well, the study found that 15,000 residents have been displaced over the last two years. Because of the COVID-19 pandemic, homes in the San Jose metro area market were listed 20 percent less but housing prices climbed nearly eight percent.
Other symptoms of the pandemic include the shortages in building materials, and construction delays that also add to the problem.