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Tech sector continues to power San Francisco's housing market

17 Oct 2012 8:45 AM
Tech sector continues to power San Francisco's housing market

The San Francisco housing market is sometimes considered to operate by its own rules. Its proximity to Silicon Valley and its enduring cultural appeal help make the Bay Area one of the most stable and high-priced markets in the country. These factors help keep property values in the region high and also buffer it against the prolonged downturns that have plagued other areas.

According to The Wall Street Journal, home prices in San Francisco have risen more drastically over the last year than in almost any other metro. Between July 2011 and July 2012, home prices rose more than 10 percent in San Francisco, the source reports. Additionally, an increased population of workers with sizable incomes -  due in part to the surging local tech market - has contributed to a rise in the cost of housing overall, ranging from rental properties to San Francisco luxury real estate, the San Francisco Examiner reports.

An influx of high-income workers anxious to find housing near the city continues to increase rental and home prices. The Bay Area's position as a tech hotbed and cultural touchstone has helped keep property values high in the city, even as other metros have struggled to recover from the downturn.

Indeed, the tech industry is just one reason why San Francisco has earned a reputation as a great place to live for people in higher income brackets. The city's fine dining scene, respected arts community and beautiful homes have helped attract some of the state's most well-heeled citizens. According to the source, San Francisco has the highest per capita income of any city in California.

As the tech industry continues to power the city's economy - and attract new, high-income residents - it looks like San Francisco will remain one of the country's most popular places to live.