Housing prices in the San Francisco Bay Area are so insane, we have tech workers living in vehicles in company parking lots, people building “pods” in living rooms so they can live there with some privacy, and microscopic apartments selling for $425,000.
Despite the slowing of the tech boom, there’s no end in sight. As this chart from Statista shows, home prices in the area are at an all time high, passing their housing bubble peak of $665,000, which was set in summer 2007. In addition to high tech salaries paid by companies like Apple, Alphabet (Google), and Facebook, Bay Area home prices are driven by foreign investment, regulations and market forces that discourage new housing, and the simple fact that lots of people want to live here.
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