What it’s like to house-hunt in Silicon Valley

by confuzzled dude Fri Jan 01, 2016 2:05 pm

The median home value in the San Jose region — which includes the headquarters of Facebook, Apple and Google — has reached $922,100, five times that of the nation overall and 2.5 times the Washington area’s $356,000 median, according to real estate website Zillow.com.

That’s also 20 percent higher than nearby San Francisco, the nation’s No. 2 market and the usual target of eye-rolling about a tech-fueled, out-of-control housing market.

But the market is even crazier in the sedate suburbs to the south, in places such as Los Gatos.

The situation in Silicon Valley has long been a full-blown affordability crisis for teachers and construction workers, anyone who draws a paycheck without stock options. Even doctors and lawyers find themselves priced out of popular areas, according to real estate agents. Now, it is becoming harder for tech workers who are willing to spend well over $1 million for what was once a standard-issue suburban home.

As prices spiral ever higher, there is growing concern about Silicon Valley’s ability to attract and keep its tech talent, especially as the millennial workers who flocked here during the current boom grow up, shed roommates, start families and look for homes of their own.

https://www.washingtonpost.com/business/economy/what-its-like-to-house-hunt-in-silicon-valley-the-nations-priciest-market/2015/12/31/920c5b02-9dcf-11e5-bce4-708fe33e3288_story.html?hpid=hp_rhp-top-table-main_tech-housing-1005pm%3Ahomepage%2Fstory

by Marathadi-Saamiyaar Fri Jan 01, 2016 2:48 pm

Isn't this what is happening in the five cities of India. the regular, saLARIED IN "SERVICE" jobs can hardly afford a 2 BR flat. So their lives are no different than their grandparents who lived in a single room with 5 to 8 family members.

by confuzzled dude Fri Jan 01, 2016 4:17 pm

Marathadi-Saamiyaar wrote:

Isn't this what is happening in the five cities of India. the regular, saLARIED IN "SERVICE" jobs can hardly afford a 2 BR flat. So their lives are no different than their grandparents who lived in a single room with 5 to 8 family members.

Like they say, What goes around, comes around. I wouldn't be surprised, if everyone flocks to small towns/villages, 50 years from now.

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