By now, many of us know that million dollar homes are the rule and not the exception in the Bay Area.
But as common as they are in the region, they are exceedingly rare in most other place across the country.
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WATCH HEREPretty much everywhere you look around San Jose, the going price for a home is $1 million or more.
According to LendingTree, 67% of homes in San Jose are worth at least $1 million. By far, the highest rate in the nation. About 53% in San Francisco are worth $1 million. Compare that to just 6% of all homes nationwide.
"It's absolutely, to use a technical term, crazy just how big these gaps can get," said LendingTree senior economist Jacob Channel.
The gap is actually much bigger, according to local agent Lynsey Gridley. Depending on what kind of home someone is looking at.
"Single family homes, it's 93%, are over $1 million," she said.
LendingTree says there are two big differences between Bay Area prices and the rest of the country, which are tech and scarcity.
“Not only do you have a lot of high-paying industries, where people can afford to spend premiums on housing, like the tech industry. You also have a limited amount of space. You don't have a lot of new construction,” Channel said.
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SIGN UP By now, people looking to buy locally are hip to the seven-figure price tags.
"Most of the time, especially if they are local, they are very well-versed on our average sale prices around here. The one time, I’ll get someone a little surprised by that is transfers from out of state,” Gridley said.
