- Housing affordability and options appear of most concern in Santa Clara County
- Considering the Bay Area's home prices, a lack of confidence amongst millenials is expected
- Three of four residents with plans to move intend to buy.
Housing affordability is understandably a concern among greater Bay Area residents with plans to move; however, the majority intend to buy.
According to an Urban Land Institute (ULI) survey, 78 percent of Bay Area residents that are moving in the next five years expect to purchase rather than rent.
Of the 74 percent of millennials that will move soon, roughly 66 percent intend to buy, a positive considering millennials comprise 61 percent of the greater Bay Area’s population.
“This optimistic outlook toward becoming a homeowner is countered by a lack of confidence that they will be able to afford it, especially for the area’s millennial residents,” ULI notes.
Overall, 40 percent of residents are ‘very confident’ they will be able to afford a home. Looking only at millennials, 24 percent are confident they can afford the home they want. The most confident demographic is the war/silent generation at 65 percent.
“The generational gap in confidence, combined with high hopes for ownership, could mean younger residents look elsewhere for the American dream,” ULI stated.
Overall, roughly 74 percent of Bay Area residents are satisfied with the housing options in their city/county. Residents in the South Bay (Santa Clara County) were the least satisfied with their housing options.
Findings are based on a survey of 701 adults that reside within nine Bay Area counties, Napa, Solano, Sonoma, San Francisco, Alameda, Contra Costa, Marin, San Mateo and Santa Clara.