San Jose Wealthiest City In America, Most Millennials Rent
According to Bloomberg, San Jose, CA is the #1 richest city in America. The tech boom has helped a great deal with this, of course.
Money is coming in by the truckload to tech startups, and they have to do something with it. Since computers can’t program themselves just yet, they use that money to pay their people. And they pay their people well. The Gross Metropolitan Product per capita in San Jose is $105,482.
The average salary in San Jose is in the $75,000 range, which is well in excess of San Francisco where it’s about $65,00. Sure, it costs money to live here – a great deal of money, but it’s worthwhile because you’re close to the jobs and you have the quality of life that you deserve. The cost of living is increasing, because construction of new housing hasn’t necessarily kept pace with the demands, but it’s not increasing so fast that these salaries can’t support it.
So what do all of these people with all of this money do with it? They rent. Millennials are especially likely to rent, but it’s common across most demographics in San Jose. Is it that people just can’t be bothered with maintenance? Do they want to trade up frequently?
Both are true, but it’s also relevant that not buying a home makes you rich in the sense that you have both extra time and flexibility. You’re not putting time into the home, of course, and you can move easily. Interestingly enough, renting also gives you more leverage against various problems in life. Don’t like your neighbors? Move. Not happy with the way the people responsible for common resources are maintaining them? Move. Job opportunity in Seattle? Move.
Renting in San Jose especially makes sense for those in the tech industry. Startup jobs sometimes go away with surprising speed, but people who work for startups are also some of the most mobile people in the country. The kind of person who would take a startup opportunity might just be looking for the next best thing going forward. Renting gives that flexibility.
It’s also far cheaper to buy renters insurance in San Jose than it is to buy homeowners insurance. Even if you add on earthquake coverage, you’re still likely to pay around twenty dollars a month for San Jose Renters Insurance.
Contrast that with homeowners insurance in the area, which might run ten times that or more. That’s just one of the many expenses that are lower when you live in San Jose. To find out how affordable it can be to protect what’s important to you, just call (800)892-4308 or click to get covered - whether you need San Jose, CA renters insurance quotes online or coverage anywhere else!
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