News posts

San Francisco’s tech boom is so expansive that the city’s median home price rose by $205,000 in the first half of 2018, one of the the biggest swells in its history


san francisco painted ladies city scape homes

San Francisco’s median house price rose by $205,000 in the first half of 2018, as iterated in a mid-year report by real estate agency Paragon.
The price swell is one of the city’s biggest in its history, sending the average home price in the city to a whopping $1.62 million.
There’s a direct correlation between these price hikes and the tech industry’s ever-expanding presence in the Silicon Valley region.

San Francisco’s median house price rose by $205,000 in the first half of 2018, according to a mid-year report by real estate agency Paragon. The swell is one of the city’s biggest in its history.

The rise in median home value now makes the average price for a house in the city a whopping $1.62 million, at a time when the average income of a San Franciscan household clocks in at $118,400, according to The East Bay Times.

There’s a direct correlation between these price hikes and the tech industry’s ever-expanding presence in the Silicon Valley region in recent years. Tech behemoths like Google, Facebook and Apple operate out of the Bay Area and recruit a lofty volume of high-earning workers that need to find living quarters here.

These workers’ high salaries, combined with the city’s already dwindled housing supply, have spawned an affordability crisis within the real estate market, jacking up home values to an astronomical degree.

Read the full Paragon report here.

SEE ALSO: Silicon Valley’s housing crisis is so dire that this 897-square-foot Palo Alto home is selling for $2.59 million — take a look inside

Join the conversation about this story »

NOW WATCH: I tried the newest BlackBerry phone for a week

…read more

Source:: Business Insider

      

(Visited 2 times, 1 visits today)

Leave a Reply

Your email address will not be published. Required fields are marked *