Apple employees live in more expensive homes, due to sizeable paychecks, which make home values in their neighborhoods rise significantly, according to the San Francisco Business Times, citing analysis from Zillow and The Wall Street Journal.
Since the introduction of the iPhone in 2007, Apple’s share price exploded and workers’ salaries jumped too. Zillow found that since the iPhone debuted, the average median home value of Apple workers ballooned to 20% from 13% prior in San Jose.
While some economists are concerned that Apple employees are displacing current residents, others are using the situation to their advantage.
"Some people may be selling because the price is high and also because they think the bubble is going to burst any time because it’s just insane already,” Sophie Tsang, a Cupertino-based agent at Intero Real East Services, told The Wall Street Journal. “There’s another group of potential sellers that think it’s going to keep going up.”