It's no secret that the city's real estate market has some of the most expensive housing in the state and the country overall. According to Niche, almost 80% of the properties cost over $750k, so it's not surprising that it has a median home value of $1.1 million. However, if you look hard enough, you can still find a relatively affordable home, as 16% of all listings are in the $400-$750k range.
The median rent price of $1,900 is significantly more affordable, making it an ideal option for students and college graduates relocating to the city. Almost half of rentals are listed at $2,000+ per month, but you can find as many apartments in the $500-$1,999 price range. Since renting is a much cheaper option, it's not surprising that only 38% of all households are occupied by their owners.