San Francisco is in the midst of a tech boom and prices for both renting and purchasing a home are high, which can make Bay Area real estate seem unattainable. However, pockets in the city and just outside remain relatively affordable. With the abundance of gentrification and revitalization, purchasing now can lead to massive payouts later if Bay Area real estate stays hot. Here are four neighborhoods worth considering:
Sunset is a district nearly outside of the city, but has proximity to the MUNI (public transportation). Home prices have always been more affordable in the Sunset District because of its further distance from the Financial District, but as prices skyrocket, Sunset is becoming a popular area. The prices are still less expensive compared to the rest of the city — an average Outer Sunset home is $729,298, vs. an average home in the city at $765,700 — and businesses, restaurants, bars and other entertainment options are moving to the area.
2. Alamo Square
Best known as the neighborhood with the infamous Painted Ladies, Alamo Square is a great neighborhood for buyers because it’s one of the less buzzed-about areas in San Francisco for locals but still offers an abundance of amenities. Alamo Square is located in the Western Addition area, where the median price for a home is $671,327.
3. Daly City
Just down the highway from the Sunset District lies Daly City, perhaps the most affordable near-neighbor of San Francisco, with an average home price of $564,000. This mainly residential area isn’t known for its entertainment district, but the low prices and proximity to the BART and Highway 280 make it a nice choice, especially for families.
Best known for UC Berkeley, one of the best universities in the state, Berkeley is a beautiful, active city that remains decently priced compared to other Bay Area real estate — on average, you can expect to pay $719,500. If you’re looking to splurge a bit more, but enjoy the natural landscape of Berkeley, the hills have cozy homes full of character. The hills make you feel like you’re outside of the city, but you’re still close enough to a great scene to feel the city vibe. Berkeley is also accessible by BART from the city if commuting is in your future.
Despite the recent increase in rent and home prices, Bay Area real estate can still be obtainable and affordable if you know where to look. When you’re ready to search for your new home, head to Owners.com for more real estate information and advice.
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