Cupertino is a lot like Meno Park. The city refuses to even try to keep up with the growing demand for housing. Right now there are only 20 homes for sale. The median sold price for a home is $2.3M.
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Palo Alto is home to the headquarters of Tesla Motors, Hewlett Packard, and Nest Labs. Like the other cities in Silicon Valley, housing inventory is incredibly low for a place with very high demand.
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There are only 38 homes for sale in Palo Alto, and only one is under $1.5M (it’s a 1-bed, 1-bath condo for $848K. https://www.redfin.com/CA/Palo-Alto/410-Sheridan-Ave-94306/unit-446/home/1344844 … )pic.twitter.com/3J9E4EOP9n
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Based on 43 homes sold in the last 30 days, the median sale price for a home in Palo Alto is $3.08M with an average down payment of 30%, or $924,000. It truly boggles the mind.
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But it’s Silicon Valley! you say. Of course it’s expensive. Sure, fine. I’ll buy that. Let’s swim across the bay to Oakland. (Spoiler: This is going to suck.)
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In Oakland there are 354 homes for sale, but there is a still a housing shortage and crisis. Lots of displacement and lack of affordable housing for middle income and below. Let me give you some examples.
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In the last 30 days 263 homes have sold in Oakland with a median sold price of $735K and an average down payment of 33.9% or $249,165.
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According to the latest census data, the median household income in Oakland is $57,778. It’s easy to see why tension between longtime residents and new homebuyers are high.
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I calculate 1.3% https://www.kqed.org/news/11477036/alameda-countys-homeless-population-climbs-dramatically-over-two-years …
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