According to Zillow's latest projections, San Jose will be the hottest housing market in the U.S. in 2018. Home values are expected to increase 8.9 percent year-over-year.
“Over the past five years, San Jose home values have appreciated 78 percent ... this highlights just how strong the San Jose market really is. While San Francisco home values have recently started to cool, San Jose is off to the races," the report said. Per The Mercury News, Zillow senior economist Aaron Terrazas attributes price increases to “the tech industry [that] continues to roar, attracting thousands of new residents per year."
In the San Jose metro area, including Santa Clara and San Benito counties, the median rent is $3,514 and is predicted to fall 0.5 percent year-over-year. The area’s unemployment rate is 3.5 percent, while income growth is 7.9 percent and the number of job openings per person is 0.036, the highest on the list.
