Regions around the country, including in Maryland, are striving to expand the size of their high-tech industries. While companies like Apple, Google, and Facebook can create enormous economic opportunity for regions, they can also help to dramatically increase the cost of living. Such is the state of affairs in Northern California.
In June, homes in the San Francisco Bay area sold at their fastest pace in almost nine years as reported by Bloomberg. The median price was six hundred and sixty thousand dollars, up about seven percent on a year-over-year basis. The median price in the city of San Francisco was up fourteen percent to more than one point one million dollars. In San Mateo County, which is on the peninsula south of the city, the median home price was nine hundred and fifty thousand dollars.
To put that into context, the median home value in the Baltimore area is slightly below two hundred and fifty thousand dollars according to Zillow. High prices often induce households to move further away from their jobs. According to CoreLogic, the number of transactions in Solano County jumped nearly thirty percent over the past year and twenty seven percent in Contra Costa County as those with jobs in San Francisco and Silicon Valley search for affordability.
