The San Francisco Area Has Some Of The Most Expensive Markets In The Country
The most expensive markets in the country are centered around the tech industry’s Silicon Valley, which is home of such corporate giants as Google and Facebook. Income in these markets is among the highest in the country. According to U.S. Census Bureau data, median household income in these cities far exceeds the U.S. median income by at least $20,000.
#1 – Los Altos, California
– Avgerage listing price: $1,706,688
– Median household income: $149,964
In Los Altos, the average four-bedroom, two-bathroom home lists for nearly $50,000 more than any other city in the nation. Asking prices in the San Jose metro area have risen 12.7% year-over-year, according to Trulia. This is more than nearly every other metro area in the country.
#2- Newport Beach, California
– Average listing price: $1,658,000
– Median household income: $107,007
Home prices are so high in the city that in 2009 a buyer bought a nine-bedroom, 11,000 square feet home for $23 million – and then tore it down. In 2011 the empty plot of land was listed for $26.5 million. The area boasts a vacancy rate of just 1.5%, among the ten lowest in the nation.
#3 – Saratoga, California
– Avgerage listing price: $1,582,434
– Median household income: $145,023
After seeing housing prices tumble by 25.1% in the area during the downturn in the market, Saratoga is yet another example of how the Silicon Valley housing market has recovered. Currently, the median price per square foot for homes in the area is $337, coming in behind only San Francisco and Honolulu.
#4 – Menlo Park, California
– Avgerage listing price: $1,506,909
– Median household income: $107,860
Menlo Park is one of just four cities where the average listing price for a four-bedroom home exceeds $1.5 million. As of 2010, the median income in the city was slightly below $108,000.
#5 – Palo Alto, California
– Average listing price: $1,495,364
– Median household income: $120,670
48.7% of adults in Palo Alto have a graduate or professional degree – more than four times the national rate of 10.3%. The city is a large employer of highly skilled employees, as 25.3% of its workers are employed in professional, scientific and management occupations. Facebook founder Mark Zuckerberg bought a $7 million home here last year.
Wallingford Real Estate – Wallingford, PA 19086
