The latest “SAN JOSE HOUSING MARKET REPORT” is given below. The City of Menlo Park's Below Market Rate (BMR) Housing Program is intended to increase the housing supply for households that have very low, low- and moderate-incomes compared to the median income for San Mateo County. The average sale price of a home in San Jose was $1.1M last month, up 16.5% since last year. Find and apply for listings to buy a below market rate home See and apply for current ownership listings on DAHLIA, the SF Housing Portal. Reviews on Below Market Rate in San Jose, CA - North Park Apartment Homes, Crescent Village, Waterford Place, Willow Lake, Pinmore Gardens, Capitol 650, Aventino Apartments, Pavona Apartments, Elan at River Oaks Apartments, Meridian at Midtown Prior to submission, review the City’s BMR Procedures & Guidelines, then provide answers to the application below. The San Jose housing market is very competitive. Let’s talk a bit about San Jose and the surrounding metro area before we discuss what lies ahead for investors and homebuyers. To buy a home with City help, you have to attend an orientation, a workshop, and meet a housing counselor. Homeowner inquiries may include reviewing your existing affordability restrictions, resale restriction packet, financing summary, refinancing process and guidelines, and your BMR Resale Value. The Below Market Rate Housing Program is intended to increase the supply of affordable housing in Menlo Park. The primary objective is to obtain actual housing units, either "rental" or "for sale," rather than equivalent cash. Below Market Rate (BMR) Homeownership Home The City of Alameda offers a Below Market Rate program to promote and enable home ownership among households of various income levels. Thank you for your interest in the City of South San Francisco’s Inclusionary Housing Program. San Jose is part of Silicon Valley, a place where $100,000 a year or higher salaries from competing tech firms has driven up the cost of real estate. Below Market Rate (BMR) homes are priced to be affordable to households that are at or below certain designated income levels. The average sale price per square foot in San Jose is $682, up 7.5% since last year. But cities sometimes establish home purchase programs so buyers whose incomes fall below a certain threshold can buy a home priced lower than market rate. Please contact Below Market Rate Program Asset Manager, Christina Enriquez with HouseKeys at 408-684-8788 or via email to Christina Enriquez. As part of the program, residential and commercial / industrial developers who build in the City of Menlo Park are required to contribute BMR housing units and/or BMR housing in-lieu fees. Homes in San Jose receive 5 offers on average and sell in around 18 days. 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