Silicon Valley has become so unaffordable that hundreds of recreational vehicles, or RVs as they are more commonly known, are being used as permanent residences for workers who simply can’t pay the local rental premiums or high prices. It’s not a joke, and it’s not fun or funny. There are even laws being passed to restrict or eliminate RV parking!
What is certain is that this is not the norm across the country as prices have fallen in general over the last 11 months. Most places are more affordable, not less. The median sales price in the U.S. is currently $263,700, a 3.6% decline from June 2018 when it was at $273,800.
And we have no vacation from affordability here in Chicagoland! Rates and prices remain low, and our workers can afford the local rents and reduced prices too (in all but a few neighborhoods). Here we have seen 9 straight months of declining existing home sales, which of course brings down the average sales price. While prices have been falling, rates have been at historically low levels.
We go where the jobs are, right? For those heading to “tech land” in an RV it’s no vacation! You’ll get a job, but you might not be able to live on the pay. The average home price is about $800,000, and the average homeowner would have to earn $320,000+ to buy. Here in the Windy City you’ll get a job and most likely be able to earn a living which will include a place to live too. The average home price is around $260,000, and the average income would have to be about $65,000 to buy.
Most likely if you see a RV around our city they’re heading out on or coming back from vacation, or just passing through. They’re not taking up residence on your block.