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Why is Silicon Valley real estate so expensive?
What are those reasons? You can mainly blame the prosperous job market and economy. The region has seen the fastest rate of growth in employment out of the largest metropolitan areas lately. As the job market grows, so does population, and so does housing demand.
When did Silicon Valley become so expensive?
For example, from 2012 to 2016, the San Francisco metropolitan area added 373,000 new jobs, but permitted only 58,000 new housing units.
What causes high housing costs in California?
One of the reasons that housing costs are so high in San Francisco and other cities across California is because there is not enough housing to go around. According to the state housing department, the state needs to build 180,000 new houses every year in order to keep up with demand.
Why are houses so expensive in Bay Area?
First of all, because San Francisco lies on a peninsula, the amount of land available is limited, thus making each acre more valuable. The high average income in the area, as well as the growth in the number of high-income families in the area, allows more San Francisco residents to afford housing with high prices.
Is San Francisco part of Silicon Valley?
Most of the it is in Santa Clara County or in San Mateo County to the southeast, close to the San Francisco Bay (not along the coast). San Francisco is NOT part of Silicon Valley, though many reporters – some local – keep stating that it is.
Is Santa Cruz County part of Silicon Valley?
Please note, most of Santa Cruz County is not part of Silicon Valley, and the one area that really is, Scotts Valley, is on the periphery. Most of the it is in Santa Clara County or in San Mateo County to the southeast, close to the San Francisco Bay (not along the coast).
Is California the worst place to buy a house?
November 6, 2019 California, the land of golden dreams, has become America’s worst housing nightmare. Recent wildfires have only heightened the stakes for a state that can’t seem to build enough new homes. The median price for a house now tops $600,000, more than twice the national level.
Can you buy a house in Santa Clara County for less than $1 million?
Yes, you CAN buy a house in Santa Clara County for less than $1 million. Learn about those locations here: In San Mateo County: the median sale price is $1,485,000 and the average sale price is $1,856,000. In Santa Cruz County: the median price is a far more affordable $800,000 to \%850,000 range for the median and average sale price of houses.