Quote:
Originally Posted by exE36M3
Home prices went crazy because tech + remote work.
Google "salary of software engineers."
There's your answer.
Or if I can summarize, the average salary of the people at Google, Facebook, etc. is $225k-$265k for a decent coder after a few years of experience. The only other occupation that pays that type of earned income is a lawyer, doctor, etc. after years of schooling, heavy-debt-load, etc. Heck, I see the job postings at my office... $225k for a mid-level software developer, and we are considered a tier "B" tech company.
I live in Norcal and have observed tech since 2000. Every tech boom, the home prices bounce upward. And when covid drove people out of SF (and the like) apartment living, those people bought houses...
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The interesting thing about tech that no one seems to be talking about is how the recent market downturn in tech (stock value, talk of layoffs, hiring freezes) is impacting the housing market in tech heavy locations like where you are and where I'm at (Seattle). Seattle was covered in news about how a large percentage of house buying was being done in cash, in particular at the entry level properties. I recall thinking to myself that the Fed raising rates was not going to have a huge impact in Seattle as so many people are just paying cash and dont care about financing. Man was I wrong. Overnight the entire market just stalled. All these 20-something coders with vested options who were cashing them out to buy houses just lost their ability to access $1MM+ in cash and find a house. I think they got spooked and dropped out of the market.