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InfoShot: Tech gentrification in Silicon Valley

The current average value of a US home is $182,500, while in San Francisco that figure is around $1.1 million. But if you work at one of the big three: Google, Apple or Facebook, you probably own a house that’s above average.

Gentrification and high house prices are nothing new to Silicon Valley, but according to a new report from real estate site Zillow, working at a tech company means you’ll probably have a very nice house. “Bay Area home values are soaring, driven by a flood of well-paying jobs at technology companies,” the company said in a statement. “The average Apple worker now lives in a home that is more than five times more valuable than the average U.S. home.”

The company combined census data of where employees at tech companies’ Silicon Valley headquarters live and compared home values in those areas and found that Google, Apple and Facebook employees are living well. Workers at Google have a median house value of $1.28 million, some seven times higher than the US national average and nearly $300,000 higher than the San Fran average. Apple and Facebook employees, meanwhile have median house values of $1.14 million and $1.25 million.

The house prices are not only higher, they’re increasing in value quicker too. Homes occupied by Apple workers are appreciating at 18% a year, compared with 11% for San Francisco as a whole and 12% for San Jose.

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Dan Swinhoe

Dan is a journalist at CSO Online. Previously he was Senior Staff Writer at IDG Connect.

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