San Jose, CA is known as the capital of “Silicon Valley.” The area is a merry mix of the business district and suburban neighborhoods. The housing areas are quiet, and the views are rows and rows of the Santa Cruz Mountains. The business district, however, is lined with skyscrapers and nearing the biggest tech companies such as Google. That is why it is one of the known tech hubs in the country. It is also known to be one of the most expensive yet innovative places to live.
Quick Facts:
- The population is at 1,987,846
- Home sale price is averaging at $1,302,118
- While the average home rent price is $2,249
- The average yearly salary is $83,960
San Jose, CA in a nutshell
San Jose is one of the most expensive cities you can live in. There was a surge in hiring because of the big tech companies in the area, but the cost of living also hiked up. If one does not earn like someone from the tech business, then living here might be quite pricey.
Other than that, the area is a great place to live in because of the great food scene, plenty of outdoor activity options, and the lively people. It is a great place to check out if you are a budding entrepreneur or someone who is about to start a career in tech. Here are other quick things about San Jose:
Transportation
There is a great public transportation system in San Jose - The Santa Clara Valley Transportation Authority. It provides the public with light rail and bus systems. Most of the people use this public transport to get around. Since the area is big, the commute is mostly long. But most companies provide their employees with private shuttle services.
Weather
The weather is mostly summer and a mild winter. It is pretty hot in San Jose, and there is rarely any rain. There is a high chance of drought which poses risks to people and houses alike.
Real Estate in San Jose
In January 2022 alone, house prices rose to 10% from 2021. The housing market is intensely competitive. Since this area is booming in business, a lot of families and young entrepreneurs alike are looking to invest in properties and built homes.
On an average, a house only stays on the list for 9 days and can sell up to 10% above its asking price. The case is different for “hot homes.” These can sell for 20% above the asking price and only stay in the market for about 6 days.
The area will be challenging for aspiring homebuyers but also great for real estate agents both in the area or looking to start a business in San Jose. The competition is high. It is best to strike while the demand is hot.
Final Thoughts
San Jose, CA, is home to a lot of big tech companies, and because of this, the cost of living has hiked up over the years. If one has a great tech salary, then living in this metro will be fine. But looking for a property may be challenging due to the high demand and low supply. The prices hike up real fast, too, having average homes sell 10% above their asking price. That is more than the usual in any other state.
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