San Francisco California is home to Silicon Valley and some of the world’s fastest growing tech startups. The growing rate of startups and demand for more and more workers by the big tech giants like Apple, Google and Facebook among others which have set up shop in the San Francisco area has led to an influx of people in the city and its environs. This massive influx of workers, which is expected to continue as tech companies grow has led to the exponential growth of demand for homes for sale in San Francisco California. Below we will look at how home values have skyrocketed due to the growing population and demand.
Reasons Why Home Values Have Sky Rocketed in San Francisco
San Francisco California is a fun and exciting place to live in due to a collection of social amenities. The city is one of the most exciting cities to live in due to the vibrant event scene that sees multiple events every other day that always seem to have a huge following. The fact that the San Francisco city department always seems to accommodate the closure of different streets to host events means that residents will never have boring days indoors. This vibrant social scene has had its make on realty prices as well.
The great weather characterized by warm sunny days means that residents can get a chance to walk around and enjoy different sites and scenes around the city. With this being the most dog-friendly city to live in, even pet owners are more than happy to cover the high home values characteristic of this city to provide a better life for their pets.
However, it is the booming tech industry in Silicon Valley that is responsible for the growing home values around the city, which exceed California real estate values, as well as anywhere else in the nation. With salaries for tech workers being north of a hundred thousand dollars minimum, coupled with the numerous millionaires being made every other day in the local tech industry through successful startups, there is definitely a lot of money available for spending.
In most cases, realtors are seeing home values double in terms of their asking prices due to the high demand for accommodation in the city. Tech workers working outside the city prefer to live in the city and far away from their work places due to the vibrant social scene as detailed above. The availability of free shuttles offered by tech companies to ferry workers from the city to their offices every day make it even more appealing to live in the city.
With the limited space for expansion of the city, authorities and real estate stakeholders agree that the only way to build is up. However, the extensive regulations when it comes to building regulations and codes has worked to stifle many development projects and hence reduce the number of new units built every year. This means that the price of homes for sale in San Francisco California is bound to continue on an upward trend.