4 ms·
In addition to many issues already raised, there are definitely more hidden ones like Santa Monica, CA being less affordable than Palo Alto or even Sunnyvale.
by sologoub 5y ago
In addition to many issues already raised, there are definitely more hidden ones like Santa Monica, CA being less affordable than Palo Alto or even Sunnyvale.
Santa Monica is actually quite a bit cheaper, but the methodology compares ratio of local incomes to housing prices. Santa Monica is heavily rent controlled and over 60% of people living there rent and many have rents that are far far below the market. This skews affordability ratio the article is trying to use.
Compared to Palo Alto, Santa Monica is a bargain. According to Zillow, Palo Alto median home price is $3,226,001[1] vs $1,810,148[2] in Santa Monica.
[1]https://www.zillow.com/palo-alto-ca/home-values/ https://www.zillow.com/palo-alto-ca/home-values/
[2] https://www.zillow.com/santa-monica-ca/home-values/ https://www.zillow.com/santa-monica-ca/home-values/