Surprise! Silicon Valley is nation’s most expensive place to live

Domination. That’s what it’s all about.

For the third time in five years, Silicon Valley ranks as the most expensive place to live in the U.S., according to a report by Coldwell Banker.

It shows that six of the nation’s ten most costly real estate markets are right here in tech country. Topping the list is Saratoga, where the typical four-bedroom, two-bath home costs $2,453,718. That’s — get this — 38 times more expensive than in the most affordable market, Detroit, where a comparable home will run you $64,110.

The other Silicon Valley markets on the “Top 10 Most Expensive” list are Cupertino ($1,812,833), Redwood City ($1,807,068), San Francisco ($1,672,100), Sunnyvale ($1,566,616) and Los Gatos ($1,470,524).

Screen shot of part of 2016 Coldwell Banker Home Listing Report

Screen shot of part of 2016 Coldwell Banker Home Listing Report

Of course, how you feel about all this domination may depend on whether you managed to buy here years ago – or have made a bundle during the tech boom, allowing you to step onto the region’s exclusive real estate elevator.

Assuming you’re feeling pride of place as you read this item, then here’s another fact to boast about: The Top 10 is a clean sweep for the state of California. The remaining towns on the list are Newport Beach, Arcadia, Carmel (that popular tech getaway) and something called La Canada Flintridge. (It’s in LA County.)

To compile the report, Coldwell Banker analyzed more than 50,000 four-bedroom, two-bath homes in more than 2,000 markets nationwide.

After Detroit, the “Top 10 Most Affordable” markets include Cleveland, Ohio; Utica, New York; Scranton, Pennsylvania; and Augusta, Georgia. “Many of the most affordable markets are located in – or within an hour’s drive to — metropolitan areas that offer access to jobs, culture, entertainment or top universities,” Coldwell Banker said.

See the report here.

Photo: A home that recently listed in Saratoga, Calif., the nation’s most expensive real estate market, according to a new report.  (Courtesy of Coldwell Banker)


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