Congrats to San Jose!
A stately row of Victorian-style houses in San Jose, Calif., where the median household income is about $30,000 above the national average.
The median price for a previously owned single-family home in the San Jose, Calif., metropolitan area just hit a whopping $900,000, according report released Monday.
That first-quarter price was up 11.4% from a year earlier, and more than four times the U.S. median of $205,200, the National Association of Realtors reported. It’s important to note that these price figures are for the median, not the mean, meaning that there are as many homes that cost more as those that cost less than these levels, whereas a mean price could be skewed upward by a number of high-value transactions.
The national median income is about $51k, which means the national home price/income ratio is about 4x… but San Jose is special! It’s median income $30k more! Thus, it is around $81k! And the median home price is $900k! That’s a home price/income ratio of… 11x!
Oh San Jose. For so long you’ve been lagging behind some of your other Silicon Valley peers. For so long, we’ve all wondered how you could be called “Capital of Silicon Valley” when you were so damn affordable.
Well… now you’ve joined the club. Congrats on the ratio! 11x!
Burbians! Where do you think San Jose will be at the end of this year? 15x? 20x?