Theyre looking for affordability and not finding it in Santa Clara County (Silicon Valley) , said Danielle Hale, chief economist for realtor.com.
A tight housing supply combined with nearly a decade of exploding home values have pushed housing prices and rents through the roof. Take, for example, this 848 square foot home on Plymouth Drive in Sunnyvale, CA (which in the 90's was the "poor" part of town vs. nearby Mountain View and Los Altos). (Sunnyvale is just a few miles north of San Jose.)
After being listed in March for $1.45 million, it sold within 48 hours for $2 million, or $2,358 per square foot. With Sunnyvale's 1.25% property tax, the new owners are paying $2,083 per month, or $250,000 every 10 years.
Poster Comment:
$2 million for 848 square feet plus $2,083 a month for property tax. Could this have happened if America had not been flooded with legal and illegal immigrants. This is from a Zero Hedge article. https://www.zerohedge.com/news/2018-06-02/heres-where-californians-are-moving- escape-skyrocketing-prices