Bye bye, San Francisco: The top 7 U.S. cities homebuyers are seeking to leave
A record number of potential U.S. homebuyers are seeking to relocate, according to a report published last week by real estate brokerage firm Redfin. The report ranked the cities Redfin users appeared most likely to try to leave — San Francisco, Los Angeles and New York topped the list.
“The typical home in San Francisco or San Jose now costs more than $1.5 million,” Taylor Marr, Redfin’s deputy chief economist, said in the report. “Add in today’s 5%-plus mortgage rates and you have a sky-high monthly payment.”
My parents bought a little 3 bedroom, 1 bath 1200 square foot home in 1958 for $11,000. in San Jose.
Today, Zillow lists that house value at 1.3 million.
Times are a changin’
Google can figure that out quickly.
The percentage increase in value of your San Jose home is the 64th (2022-1958) root of 1.3M/11k = 7.6%.
“L.A. is a great big freeway, put $100 down and buy a car…”
I skipped a step in there, but you probably knew that already.
The 64th root was equal to 1.076. Subtract 1 and then multiply by 100 for the percentage.