As the capital of Silicon Valley, the city of San Jose is the most expensive perimeter in the US, where the median home price is about $1 million. San Jose and the nearby cities of Sunnyvale and Santa Clara are a paradise for those who dream of working in the world’s largest tech corporations such as Google, Facebook, Ebay, PayPal and the like. But the word “expensive” may have a different meaning for those who work here.
The city of San Jose is home to a wide variety of things that are quite uncommon in other parts of the country. Every day, multi-million-dollar tech startups are bought and sold, sending their creators skyrocketing from rags to riches in a matter of hours. As the local realtors in San Jose CA can tell you, this is a wild town; if you’re intelligent and creative, there’s no upward limit to the things you can accomplish. So what is life like in this haven for innovation? Let’s take a look at what real estate agents in San Jose California have to say!
Median household income is over $100,000. However, to qualify for a conventional mortgage, a minimum annual income of $252,000 is required, according to Business Insider.
The major tech employers in the area are - Cisco Systems, IBM, eBay, Inc., and Adobe.
Among the largest employers in the area is the County of Santa Clara. Local administration keeps over 15,000 people employed.
Why should you move to San Jose, California?
Before we hear what real estate agents in San Jose CA have to say about what it’s like to live in their city, let’s first discuss whether or not this city is right for you. As any local realtors in San Jose CA can tell you, this town is not for everyone. Unless you’re in the tech industry, this town can face you with drawbacks you wouldn’t normally encounter in a different city somewhere else in the U.S.
Perhaps the most significant of these drawbacks is the high cost of living. When compared to other U.S. cities, the cost of living in San Jose is exorbitant, often causing prices that exceed the norm by a large margin. Nowhere is this more true than real estate: the housing cost in San Jose is positively absurd. Although real estate agents in San Jose CA can help you find the best deal possible, there’s a good chance it may substantially exceed your budget.
Nevertheless, if you work in the world of technology, San Jose offers opportunities unlike any you’ll find elsewhere in the country. As any of the local real estate agents in San Jose CA can tell you, this town has made and broken many a young tech startup. It’s as beautiful as it is cutthroat, and only the best ideas will make it to market. If you’re confident you can make it in the world of technology, then go for it; only time will tell whether or not you’ve got what it takes!
Living in San Jose, California
Once you’ve made the move to San Jose, you’ll find it a charming place to live, despite its drawbacks and shortcomings. The area is heavily populated, with over 1.03m residents as of 2020. This population makes it the 3rd largest city in California and the tenth largest city in the U.S. as a whole. The large population is good news for real estate agents in San Jose CA, as it has created accelerated demand for housing.
The housing market, while challenging to break into due to the high median home price, is extremely competitive. According to realtors in San Jose CA, the median home price in this city is currently standing at $1.05m and quickly rising. Investment values are steadily appreciating at a rate in excess of 12% per year, creating the potential for massive profits.
If you’re planning on buying a home in this complex central Californian city, you’ll want to get in touch with one of the excellent real estate agents in San Jose CA. These skilled professional realtors in San Jose CA will help you find a home for the best price possible and advise you on how best to utilize your financial resources in the real estate market. We wish you success in Silicon Valley!
The housing market in San Jose, California
The housing market though is in a great crisis. Middle-class families are forced to live further and further away from Silicon Valley as rent continues to increase. Real estate agents in San Jose are aware of the situation but they can’t change the market. The high salaries of those working in the Bay Area along with the high demand for housing drive the real estate prices up year after year. Moreover, some real estate agents in San Jose also work with Chinese investors who are willing to buy properties even if they don’t rent them out. They simply wait for the prices to go up and sell them later for a profit. Even distressed properties or properties deemed uninhabitable sell for more than $1.5 million. So, there is a housing shortage generated by the empty unoccupied houses.
Another interesting phenomenon can be seen among the businesses in this region. Many start-ups die because people spend so much on housing that they are left with little residual income. The purchasing power is extremely low, despite the high salaries. However, as most real estate agents in San Jose would agree, this is the place to be if you want to live in the heart of the Internet industry, where innovation comes to life.
Renting in San Jose starts at $1,500 for a room. Housing arrangements are quite smart, though. In spite of living in a small bedroom, some renters also have access to the building's facilities, such as a co-working space, free breakfasts, a gym and access to a swimming pool. Saving for a down payment is extremely difficult, especially for those who would like to settle down in San Jose. Since prices are ever ascending, the down payment required for a house is also growing. The only option to become a homeowner in San Jose or anywhere in the Bay Area would be to access a zero down home loan.
In spite of the fact this city is hit by at least two major earthquakes every year, real estate agents in San Jose have nothing to complain about. The real estate market is booming. And any smart kid passionate about IT and technology will get here sooner or later, even though it might be for a temporary position or until they start their own company. In the Bay Area, renting is better than buying since there are fewer constraints. Here, homeownership becomes affordable only after marriage. For young professionals, the responsibility of owning a house would be suffocating, not only in San Jose but everywhere in Silicon Valley.
