- The home value of a Silicon Valley tech employee is five times more than the average U.S. home
- Tech employees who have seen significant home price appreciation could consider a sale moving forward
- The wealth gap between tech employees and other workers could put stress on the SIlicon Valley housing market
If you’re a real estate agent in the Silicon Valley or San Francisco metro, finding ways to connect with tech company employees can only be beneficial.
Recent analysis from Zillow found most workers at Google, Facebook and Apple headquarters live in homes valued at more than $1.1 million, and these homes have appreciated in value faster than other properties in the same market.
Higher-than-average home price appreciation coupled with increasing wages in the tech industry could mean some of these owners may consider a sale. For agents, most of these homes would rank as luxury listings, valued at more than $1 million each.
According to Zillow, the typical worker at Apple’s Cupertino headquarters lives in a home worth roughly $1.14 million. The value is $241,000 more than the median home price in the San Jose metro and exceeds the median value in the San Francisco metro by $380,000.
Workers at Google’s Palo Alto location live in homes with a median value of $1.28 million. This means the typical Google employee lives in a home that is 39 percent more expensive than the average San Jose home.
At Facebook’s Menlo Park headquarters, $1.25 million represents the median value of a worker’s home. This value exceeds the median home price in San Jose by 33 percent.