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Profile Shows High Housing Costs Accompany Bay Area Jobs Boom

January 26, 2017

By Ron McNicoll : independentnews – excerpt

The Metropolitan Transportation Commission (MTC) has released a report showing a strong economy in the Bay Area, and the high housing prices and rents that go with a boom time.

Released last week, the report taken from data recorded in 2015, is called Vital Signs. It gives snapshots of data on a variety of topics. They include jobs, housing, transportation choices by commuters, and a slowdown in development of greenfields compared to the last decade of the 1990s.

The Bay Area reached a record $722 billion in economic production in 2015. If the Bay Area were a nation, it would rank 25th among the world’s economies, says the report. Unemployment continued to decline. Median household income reached its highest levels since 2008, prior to the start of the Great Recession.

Biggest job sector growth was in high-tech businesses, especially those that are web-related, with San Francisco and Silicon Valley growing 20 percent over two years.

The lowest-cost homes in the Bay Area remain in eastern Contra Costa and Solano counties, with median housing prices at $300,000. The Bay Area median is $708,400, and in Alameda County it is $604,800… (more)

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