Helping Increase Income from Real Estate and Lending
SAN JOSE, Calfornia Real Estate Market
Reading Time: 3minutesSan Jose[A] (/ˌsænhoʊˈzeɪ, –ˈseɪ/; Spanish: [saŋ xoˈse]; Spanish for “Saint Joseph“),[13] officially the City of San José,[B] is the economic, cultural and political center of Silicon Valley, and the largest city in Northern California (both by population and area). With an estimated 2017 population of 1,035,317, it is the third-most populous city in California (after Los Angeles and San Diego) and the tenth-most populous in United States. Located in the center of the Santa Clara Valley, on the southern shore of San Francisco Bay, San Jose covers an area of 179.97 square miles (466.1 km2). San Jose is the county seat of Santa Clara County, the most affluent county in California and one of the most affluent counties in the United States San Jose is the main component of the San Jose–Sunnyvale–Santa Clara Metropolitan Statistical Area, with an estimated population of around 2 million residents in 2018. It is also the most populous city in both the San Francisco Bay Area and the San Jose-San Francisco-Oakland Combined Statistical Area, which contain 7.7 million and 8.7 million people respectively.
San Jose is a global city, notable as a center of innovation, for its affluence, Mediterranean climate, and extremely high cost of living. San Jose’s location within the booming high tech industry, as a cultural, political, and economic center has earned the city the nickname “Capital of Silicon Valley”. San Jose is one of the wealthiest major cities in the United States and the world, and has the third highest GDP per capita in the world (after Zürich, Switzerland and Oslo, Norway), according to the Brookings Institution. The San Jose Metropolitan Area has the most millionaires and the most billionaires in the United States per capita. With a median home price of $1,085,000, San Jose has the most expensive housing market in the country and the fifth most expensive housing market in the world, according to the 2017 Demographia International Housing Affordability Survey. Major global tech companies including Cisco Systems, eBay, Adobe Systems, PayPal, Broadcom, Samsung, Acer, Hewlett Packard Enterprise, and Western Digital maintain their headquarters in San Jose, in the center of Silicon Valley. (Wikipedia)
San Jose Real Estate Market Statistics
Metropolitan statistical area: San Jose-Sunnyvale-Santa Clara, CA
Population: 1,035,317 – 10ᵗʰ largest U.S. city (Wikipedia – 2017 estimate)
5-year projected population growth: 1.0% (PwC, 2018 – U.S. average is 0.7%)
Median age: 36.3 years old (City Data, 2016 – U.S. median is 38)
Median household income: $101,940 (City Data, 2016 – U.S. median was $57,617)
5-year projected employment growth: 1.0% (PwC, 2018 – U.S. average is 0.6%)
Cost of living index: 151.2 (City Data, 2016 – U.S. average is 100)
Rent-to-household-income ratio: 26.0% (PwC, 2018 – less than 30% is ideal)
Median 1-bedroom rent: $2102 (Rentonomics, 2018 – U.S. median is $743)
Year-over-year rent growth: 2.7% (Rentonomics, 2018 – U.S. average is 1.5%)
Median single-family home sale price: $1,300,000 (NAR, Q3 2018 – U.S. median is $266,900)
Year-over-year home sale price growth: 11.6% (NAR, Q3 2018 – U.S. median is 4.8%)
