In rather unsurprising news, neighborhoods where tech workers live in the Bay Area are seeing faster price appreciation than other parts of the region. The Wall Street Journal commissioned real estate company Zillow to tease out the connection between tech workers and home prices. Zillow used census data to figure out where workers at corporate headquarters live and found that, on average, employees of Google, Facebook, and Apple live in homes with a median value of well over $1 million. The gap between tech workers' home values and others' has been widening as of late.
Of course, as the Journal notes, zoning laws and regulatory red tape are key to price rises as well. They pointed to markets like Seattle and Austin that have plenty of tech workers but less dramatic price increases. And while the average employee of a major tech company's home is worth hundreds of thousands dollars more than other Bay Area homes, it's even more startling to compare those homes to the rest of the country. The average Apple worker now lives in a home that is worth more than five times a much as the average home in the United States.
· Apple Paychecks--One Reason for High Home Prices [Wall Street Journal]
· There Goes the Neighborhood [Zillow]