After years of techies and start ups flocking to Silicon Valley, now they are flocking away, for better pay and more affordable places to live.
Think Bay Area Rent Is High? Rents Are Rising Everywhere Faster Than Inflation, Experts Say It’s Going To Get Worse
The average U.S. rent has climbed 14% to $1,124 since 2010. That’s four percentage points faster than inflation, and more than double the rise in U.S. home prices over the same period.
Los Angeles real estate agent Tami Pardee says tech buyers from Silicon Valley make up about 10 percent of her current clients. “They’re buying second homes — or third or fourth homes.”
It’s a seller’s market in the Bay Area right now. Inventory is low, particularly in San Mateo County.
And these castles aren’t exactly fixer-uppers either — these are liveable, go-ahead-and-fill-the-moat, literally-fit-for-a-king residences that you can actually move into.
San Francisco Bayview-Hunters Point Real Estate Prices Soaring; $100,000 Over Asking Price Is Common
One of the most economically disadvantaged neighborhoods of San Francisco is seeing home prices soar as it joins the current real estate boom.
New data on the Bay Area housing market indicates a sharp increase in home values paired with higher rents across the region.
Chris Thornberg, founding partner of Beacon Economics, said businesses will eventually follow, as many people with jobs in San Francisco and Silicon Valley have already moved to the East Bay.
Usually it’s sellers who take out real estate ads, but in the Bay Area’s searing hot housing market, one Berkeley couple fed up with being outbid has resorted to advertising the millions in cash they’re ready to spend on a dream home.
With the Bay Area real estate market red hot, it’s hard to believe that houses were once sold for five figures. KPIX 5 reporter Juliette Goodrich went back to the East Bay home she grew up in to explore how the market has changed.