It’s no surprise that the San Jose and San Francisco metros have changed greatly over the past ten years. Except perhaps to the people who spurred those changes: the people who’ve moved here within the past ten years.
An analysis by MagnifyMoney shows that the San Jose and San Francisco metros–and by extension, the Peninsula and South Bay, if not the entire Bay Area–rank 1 and 2 among the fifty largest US metros in increase in median income (at about 36 percent) and rise in commute time (18 percent) since 2006. The two metros also rank in the top five nationally in rent growth.
How about change in home prices since 2006? Contrary to what you might think, San Jose falls to a mere 20th nationally in this category, and San Francisco a paltry 47th, although these rankings take into account “all communities in the metro, not just desirable suburbs and neighborhoods that have seen outsize appreciation”. Percentage home price increases in other US metros, such as Dallas, Houston and Austin, have outpaced our area over the past ten years, since they “had less of a run-up” during the previous housing boom.
Looking for a job? Head east, young man (and woman). Metros with outsize job creation since 2006 include Austin (again), Raleigh, New Orleans, San Antonio and Nashville.
Looking for a place where most people are newcomers? Move to Las Vegas, Phoenix, Austin (again with Austin!), Orlando and Denver.
So now you know: Austin (aka “Silicon Hills”) is a happening place.
Is it legal to have this much fun? Only in Austin.
Looking for a place to retire to (or a place young people are leaving in droves due to high housing costs or lack of opportunity)? Then check out Riverside, Phoenix, Sacramento, Detroit and Los Angeles (but not Austin), communities where the median age is 2 to 3 years older than it was ten years ago.
Thinking of moving to Portland (city motto: “Visit, but don’t stay”) to get away from all this traffic? Portland ranks fifth nationally in commute time increase since 2006. Portland also ranks fifth in rise in median income and fourth in median rent increase, highlighting the strong positive correlation between wages, rent and traffic.
But you knew that.
copyright © John Fyten 2017