The Bay Area’s real estate market is robust and has been for some time. There are many reasons for the continually increasing desirability of property in the area, and those factors are likely to continue.
Let’s look at a few of the reasons that this region continues to see such growth:
Economy
It is the most prominent technology hub in the US and one of the largest in the world. It is a focus for technology in general, software, biotechnology, financial technology, and others. Additionally, it is one of the United States' central financial hubs. The focus on these important and lucrative industries has led to a tremendous number of white-collar jobs, particularly in the industries, but also in the businesses that support these industries and their employees. This is home to some of the largest and most profitable companies in the world, and they demand motivated, highly skilled employees. For individuals in these industries, this city and the surrounding areas are the places to be.
Wealth Creation
In a related category, this area has more start-ups than just about anywhere else and these businesses, when successful, can create a lot of wealth very quickly. This is another situation where living here provides access to many more opportunities than just about anywhere else. The region was home to one gold rush in the past and is hosting another one now. Those who are looking to make a new product, sell a new product, or just be involved in a start-up are going to come here, and that brings in money, jobs, and residents.
Building Boom
The region has a shortage of affordable housing, and that is a high priority for local government and businesses. While rental rates are still the highest in the country, they’ve been on a downward trend for a few years as the pace of apartment construction has picked up. While this construction will likely continue to reduce costs of living, this will only increase the desirability of the area and encourage more people to move in.
Options
This area is situated very well for fulfilling the needs of many residents. Outdoor activities from hiking to skiing are nearby, giving a huge variety of recreational options for anyone with a desire to experience nature. The urban areas provide even more options for recreation for those who care less for trees, grass, and snow. Various neighborhoods offer a variety of environments and cultural experiences that are great no matter what someone is looking for. Of course, a great airport and port provide a plethora of travel possibilities when it’s time to take a break from home.
With all these features, it’s no surprise that Bay Area real estate is in such high demand.
