Monthly Housing Costs Equal $8,330
Mark Zuckerberg, the co-founder of Facebook, has now surpassed Warren Buffet to the third wealthiest person in the world. Where is Mark Zuckerberg’s home? The San Francisco Bay Area! (Specifically Palo Alto). We will now rename Palo Alto as Zuckerburgh.
There are a large number of tech firms in the San Francisco Bay Area, including Google, Apple and Hewlett Packard. All these tech companies on a peninsula with tight land use controls makes for ultra-expensive housing. In fact, San Francisco median house prices rose by $205,000 YoY so far in 2008 according to Paragon Real Estate Group.
You know you have an affordable housing problem when the median condo price is around $1.25 million.