— Which city is more likely to provide a safe and comfortable living environment for a family of four or the most expensive place to purchase a home?
That’s the question that has become a top question for many Malvern residents.
There’s plenty of room for the home buyer, but the demand for a more spacious home can also push prices higher, according to a new report from real estate firm RE/MAX.
The median price of a home in the city of Malvern, a suburb of San Francisco, was $1.1 million in September, the lowest in the region.
In San Francisco’s Mission District, where median prices are higher, the median price is $1 million.
Meanwhile, the most-expensive home in Malvern is a one-bedroom home valued at $1,737,500.
That’s the price of the most recent median home price of $1-million.
For a single person to live comfortably in the area, they’d need to have a monthly income of $100,000, according the report.
“There’s certainly demand for those kinds of homes, and people are willing to pay that amount for those homes,” said Brian Breen, senior director of residential real estate for RE/Max.
But it’s not just the affordability of a new home that’s driving prices higher.
According to RE/Malthouse, a leading global real estate research firm, demand for larger houses is on the rise in major U.S. cities like Boston, Los Angeles and New York.
It also has a major impact on the affordability for renters.
People who are living in San Francisco or the Bay Area are looking for bigger homes, but they’re willing to spend more on housing, said Rebecca Lefkowitz, senior vice president and chief economist at RE/MA.
Lefkowitz said it’s a difficult balance for landlords to maintain.
They’re trying to make money while they’re looking to increase rents, she said.
A new study from RE/max, which compiled data from a variety of data sources including the U.K. and the U, shows the affordability and cost of a one bedroom home in San Jose, California, is lower than in Malibu.
That home has an asking price of just $1 billion.
If a buyer wants to buy the home for $1 in Malvern, it’s still more expensive than the median house price in Malignon, the report said.
The median price in the town is $2.5 million.