Redfin published an article last month claiming that the richest 1% of American are faring better after the housing crash than the rest of the 99%. The median for the top 1% of homes is only 4% below the 2007 peak, while the lower 99% is still 23% behind the overall peak. However, what is more interesting to me is the charts below. In the 20 or so markets evaluated, San Jose came up with the 3rd highest median price for homes in the top 1%, below Los Angeles and San Francisco. On the flip-side, if you look at the bottom 99%, the San Jose area has the highest median price for homes, topping even San Francisco.
What does this mean? At the very least, in terms of housing we are slightly less unequal than other metros between the uber-wealthy and everyone else. Also we have the most expensive real estate in the report for those that are not extremely rich. Nothing really surprising, but interesting nonetheless.
Source:
Redfin
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