A first-of-its-kind home sale is making headlines in one of the nation’s most expensive housing markets. San Jose officials say California’s first accessory dwelling unit, or ADU, has been sold as a separately owned condominium, marking a new approach to homeownership. According to Eyewitness News, the 749-square-foot, two-bedroom home sits on a residential property and sold for $530,000. The buyer says the unit offers many of the advantages of owning a single-family home while costing significantly less, making it an attractive option made possible by recent changes to California housing rules. Supporters believe the new ownership model could help create more affordable housing opportunities in high-cost communities. The need is significant. According to Redfin, a household must earn enough to spend about 66 percent of its income to afford a median-priced home in San Jose, giving the city the fourth-highest home affordability burden in the United States today.
