A survey conducted by Wealthfront, an investment management firm, discovered that of the 2,700 clients surveyed, many are planning to leave San Francisco for areas they consider more affordable, one of which is the New York Metro region.
In addition to the New York Metro area, these individuals will consider such cities such as Austin, Texas and Chicago, Illinois.
With the median home price in the Bay area of more than $1 million for a two-bedroom dwelling, these tech workers are looking to get a better bang for their buck.
Such comparable dwellings in the Austin and Chicago region represent a potential price of only $400,000 for a three-bedroom house.
And even here in the New York/New Jersey/Jersey City Metro area, the median house is only $525,000 based upon Zillow’s estimates.
Manhattan still holds a very pricey $1.5 million for a median home, but some of the suburbs surrounding the city offer a great value when considering the lower cost of living.
Based upon a March report from New Jersey Realtors, the median sales price for a single-family home in Hudson County is $339,000. In Bergen County, the median sales price for a home in March 2019 was $470,000. Both adjoining counties, Hudson and Bergen, represent a significant value-added for those who are used to spending over $1.5 million for a dwelling.
If you have any questions about this information or title insurance, please contact Ralph Aponte: 732.914.1400.
Counsellors Title Agency, www.counsellorstitle.net, founded in 1996, is one of New Jersey’s most respected title agencies, serving all 21 New Jersey counties with title insurance, clearing title, escrow, tidelands searches, and closing and settlement services for commercial or industrial properties, waterfront properties and marinas, condominiums, townhouses or residential single family homes. Counsellors Title also features its own Attorney Settlement Assistance Program™ [ASAP], which is an individual resource customized to fit the needs specifically of real estate attorneys, including, Documentation, Preparation, Disbursement of Funds, Attendance at Closing, HUD Preparation or Post-Closing Matters.