Weekend Events and the Weekly Real Estate Update

Weekend Sessions presents admission-free performances at the Yerba Buena Gardens Festival. The programs range from music, dance, circus, and theater to cultural festivals from May through October. Innov Gnawa and Book of J perform this Saturday from 1 to 3 PM. Meanwhile, SFMade opened on Monday, and concludes on Sunday. It features factory tours, demos, shopping events, and lots of beer tastings. For more information about SFMade and a complete list of what’s taking place this weekend, click here.

On the “Homes for Sale in San Francisco” front, here’s our report for this week, 5/6/18 – 5/12/18

How Higher Education and Incomes Are Impacting Housing

In a recent San Francisco Chronicle column, writer Kathleen Pender posed this question: “If people are fleeing the Bay Area for cheaper housing, why is it still so costly?” It’s an excellent question, given that we are constantly hearing that people are leaving town for that very reason.

If you look just at domestic migration — people moving around the country — the Bay Area lost about 46,000 people more than it gained during the year that ended July 1, according to U.S. Census Bureau estimates released March 22. That net loss was nearly twice as big as the previous year and marked a turnaround from earlier years, when more people were coming to the Bay Area than leaving.

However, net immigration — people coming from and leaving for other countries — is still positive in the Bay Area. About 58,000 more people came here from abroad than left last year, surpassing the nearly 46,000 who decamped for other states. (The census estimates included the nine-county Bay Area and three neighboring counties.)

People moving into the state are higher-income and better educated. They’re much more likely to pay state income tax and better able to afford a home in California, which had the nation’s highest median price in 2016. In the Bay Area, housing creation has lagged far behind population growth, which is why home prices and rents are climbing and people are commuting longer distances to work.

In short, the tech boom has resulted in a housing squeeze to be sure. The challenges are very real, and yet, it’s good to know that many of the world’s brightest people still come to the Bay Area to be a part of the extraordinary things that are going on here.


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