The Central Valley has seen a lot of change happen in the real estate world. Recently, the City of Stockton holds the number one spot for the fastest growing rent in United States. The city has held that title over the past several months, though it’s not just Stockton that’s seeing a bump in real estate. The San Joaquin County in general has seen its share in a real estate growth.
One of the biggest reasons for this growth is due in part to the Bay Area. Many residents in San Francisco are realizing the tremendous price comparison of San Joaquin County versus their Bay Area homes. So much so that over 2,500 citizens are choosing to commute from San Joaquin County to San Francisco every day for work.
By the numbers according to Zillow, the median home price in San Joaquin County is $340,000. In San Francisco, it’s almost three times as much. The median home price in the Bay is currently listed at over $1.1 million.
For the values of homes, Zillow has the median of San Joaquin County listed at $315,000, over a 10 percent increase from May of last year. By May of next year, that value is predicted to rise over six and a half percent.
In San Francisco, the median home value is close to $1.2 million, almost a $900,000 difference compared to San Joaquin County. The value is a 5.5 percent difference from May of last year and by May of next year, the value is only set to raise over 1.5 percent.
On top of that, San Francisco is the second priciest city for rent, just behind Manhattan, New York. According to Zillow, the average rent for a one bedroom place in San Francisco is $3,370 a month. In San Joaquin County, the difference is major with their average being about $910 a month for a one bedroom apartment.
So by the numbers, it’s easy to see why there has been a major growth in San Joaquin County. Even for those that choose to drive over 85+ miles to the Bay Area and back every day, the price difference in homes and rent might be worth their commute.