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San Jose, California

$1,106,600 is the house median value in San Jose, CA in 2018. The value of homes in San Jose has soared an amazing 24.4% in the last year. And it has been forecasted that it will increase by 13.8% in the following year.

This combined 2 year increase is unbelievably high. At this rate, real estate prices would double in 3.77 years. This increase is extremely unlikely to occur over 3.77 years, but it does show the amount of increase involved in the past year combined with the following year.

Those who want to enter the San Jose home market are having a rough time unless they have enough savings and investments, or a great income along with savings and investments.

How would a young couple who are just starting a savings program be able to afford a San Jose home? They would need to have a very high income and aggressively save.

On top of this challenge, many people who want to save to buy a home are facing increasing rents. So they are being hit on 2 sides – increasing home prices, and increasing rents.

It takes tremendous will, passion, and focused effort for a young couple with little savings to get to where they can buy a home in San Jose. Another thing that will be essential is having a plan to get the money along with strong effort to follow it.

Getting back to San Jose real estate numbers, the per square foot list cost median is $649. The metro area of San Jose-Sunnyvale-Santa Clara has a higher per square foot list cost median of $696.

For the city of San Jose, CA, the presently listed cost median of houses is $998,000. $1,060,000 is the cost of houses that have sold.

In San Jose, $3,400 is the rent cost median. The metro area of San Jose-Sunnyvale-Santa Clara has a higher rent cost median of $3,650.

One factor that influences the value of homes is the foreclosure rate. The lower the foreclosure rate, the higher the home value. If the foreclosure rate is very high in a particular area, home values can go down appreciably in that area. Also, a very high foreclosure rate could be a factor in the beginning of a recession.

In the city of San Jose, California out of every 10,000 houses, 0.4 go through foreclosure. The metro area of San Jose-Sunnyvale-Santa Clara has the same foreclosure rate of 0.4 houses going through foreclosure for every 10,000 houses. The United States has a much higher foreclosure rate of 1.6.

When homeowner goes through a particular first step, they are moving in the direction of foreclosure. That first step is called mortgage delinquency. What is mortgage delinquency? Mortgage delinquency is the condition of a homeowner skipping making one or more mortgage payments.

A mortgage delinquency is something banks get nervous about. This is because it indicates to bankers that  the owner may be having a tough time paying bills. And if the homeowner misses too many mortgage payments, their house quite possibly will go through foreclosure.

Bank foreclosures mean that banks lose money. Too many foreclosures and a bank very well could go out of business.

0.4 percent is the mortgage delinquency rate in San Jose, CA. This is much lower than the mortgage delinquency rate of the United States which is 1.6 percent.

There was a recession in 2008 that had dire effects on the real estate economy as well as the economy as a whole. One effect was that the value of homes dropped a greater amount than 20%.

Because of that recession, lots of homeowners are still underwater regarding their mortgages. Being underwater on a mortgage means that the value of the house is less than the mortgage debt.

3 percent of homeowners in San Jose are experiencing being underwater regarding their mortgage. The San Jose-Sunnyvale-Santa Clara Metro area has a slightly lower underwater rate of 2.8 percent.

The median annual household income for the San Jose-Sunnyvale-Santa Clara CA metro area is $110,040.

Apartment Loan Store is proud to serve the entire Greater San Jose area:

  • Santa Clara
  • Sunnyvale 
  • Mountain View
  • Cupertino
  • Fremont
  • Milpitis
  • Palo Alto





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