Mountain View, California, is located in the heart of Silicon Valley and has been home to some of the world's most significant technology companies in the past few decades. The city's dynamic economy and high quality of life have made it an attractive destination for homeowners, renters, and real estate investors.
As of 2023, Mountain View currently has the highest average median rental price for a one-bedroom apartment nationwide, recently surpassing San Francisco’s rent.
In this comprehensive overview of Mountain View's housing market in 2023, we will delve into the current state of the city's booming real estate market, explore the trends and patterns supporting this, and give a foundational overview of the city for individuals in the market for homes, property management or rental properties.
As we examine the Mountain View housing market, we will consider several key factors, including current market trends, median home prices and rents, market inventory, and the impact of the pandemic on the housing market.
By the end of this article, you’ll have a comprehensive understanding of the state of the Mountain View housing market and be better equipped to make informed decisions about buying, managing, or renting a property in the city. Let’s start!
Mountain View, California, is a diverse and vibrant city with a rich culture and many lifestyle amenities. The city's proximity to San Francisco and Silicon Valley's bustling technology hub has made it an attractive destination for young professionals and families.
Mountain View is known for its excellent schools, parks, and recreational facilities, making it ideal for families to settle down. The city is home to several highly rated public schools, including Mountain View High School and Los Altos High School, which consistently rank among the top high schools in the state.
For those interested in outdoor activities, Mountain View offers a variety of options.
In addition to outdoor activities, Mountain View has a thriving arts and cultural scene.
Finally, Mountain View has a diverse culinary scene, with various restaurants and cafes offering a range of cuisines, from farm-to-table Californian cuisine to international flavors. The city's popular Castro Street downtown area is home to many dining options, shops, boutiques, and entertainment venues, a popular venue for residents from Mountain and neighboring communities.
Understanding Mountain View, California's population demographics is important for anyone considering moving to or investing in the city.
As of 2022, the estimated population of Mountain View is around 82,000, according to the U.S. Census Bureau.
Here are some additional key population demographics of Mountain View according to data from the U.S. Census Bureau:
View more detailed demographical data and year-on-year changes for specific categories from this report on Mountain View by point2homes.com.
The city's housing market reflects its diverse population demographics, with a mix of single-family homes, townhouses, and condominiums available for purchase or rent.
The housing market in Mountain View, California, is highly competitive, reflecting the city's desirability as a place to live and work.
The pandemic has significantly impacted the Mountain View housing market. Many residents seek larger homes or outdoor space due to remote work and the desire for more space for at-home activities.
41% of housing units in Mountain view are owner-occupied, and 59% are renter-occupied households.
The median price of a one-bedroom in Mountain View is higher than any other city in the Bay Area, according to Zumper’s regional data. Rental prices have been incredibly high recently, with the median rent for a one-bedroom apartment averaging around $3,525 per month, according to Zumper. This represents a staggering increase of around 41% compared to the previous year. Mountain View Rent ranges from $2,500 to $6,000 a month.
The housing market in Mountain View is highly competitive. Apartments here are currently the most expensive in the nation according to median rent, and here are some reasons contributing to the pricing:
However, despite high rent, the city's strong demand and desirability as a place to live and work continue to make it a popular destination for homeowners, rental property landlords, renters, and real estate investors.
The rental market in Mountain View, California, is highly competitive and reflects the city's popularity as a place to live and work. Here are some key trends that are currently impacting the Mountain View rental market:
While rising rents and limited inventory can pose challenges for renters and rental property landlords, the city's strong demand and new developments are promising signs for the future of the rental market in Mountain View.
Mountain View, California's economy is primarily driven by the technology industry, with major companies such as Google, LinkedIn, and Intuit headquartered in the city. Mountain View's population is also relatively young and well-educated. According to the US Census Bureau, around 72% of adults hold a bachelor's degree or higher.
The strong presence of major tech companies in Mountain View has led to a robust job market, with a low unemployment rate and a high median household income from 2017-2021 of around $158,000, according to the US Census Bureau. This makes Mountain View one of the wealthiest cities in the country.
Besides major tech companies, Mountain View has a growing start-up scene, with many new companies and entrepreneurs setting up shop in the city. This reflects the city's innovative spirit and the desire of many tech professionals to launch their ventures.
According to DataUsa, Mountain View’s economy provides employment opportunities for around 46,300 people. The largest industries are Professional, Scientific, & Technical Services, which employs 11,515 people; Information, with 6,114 employees; and Manufacturing, with 5,983 workers. The highest paying industries in Mountain View are Information, with an average salary of $163,142, followed by Professional, Scientific, & Technical Services, with an average salary of $136,082, and Management of Companies & Enterprises, with an average salary of $132,419.
Between 2019 and 2020, the number of employees in Mountain View, CA, decreased by -2.94%, dropping from 47,700 employees to 46,300 employees. Regarding job groups, the most common occupations in Mountain View are in Computer & Mathematical fields, with 10,143 people working in this area. Management occupations come in second, followed by Business & Financial Operations occupations, with 3,485 people employed in these fields. Check out the chart below from DataUSA for a breakdown of residents' primary jobs in Mountain View, CA.
The economy of Mountain View is driven by the technology industry and is characterized by a strong job market, a highly educated workforce, and a growing start-up scene. While the pandemic has mildly impacted the city's economy in past years, the strong presence of major tech companies and the city's innovative spirit bode well for the future of the Mountain View economy and employment demographics.
Property management fees in Mountain View typically range from around 8% to 12% of the monthly rental income. These fees can vary depending on the property management company's level of service. Full-service property management typically costs more than basic services such as rent collection and tenant screening.
Short-term rentals, such as those offered through Airbnb, are legal in Mountain View but are subject to certain restrictions, such as a cap on the number of days a property can be rented out yearly. On the City of Mountain View's site, you can view official guidelines for short-term rental housing (STR) in Mountain View.
Property management is an important aspect of the real estate market in Mountain View, with
Many rental homeowners find professional property management worth the investment for its peace of mind and convenience. See how Doorstead helped turn Bay Area homeowners into passive landlords who can profit from their homes while working full-time.
Mountain View, California, is poised for strong growth and development in the coming years. Here are some factors that suggest a positive outlook for the city in 2023 and beyond:
Mountain View is well-positioned for strong growth and development in 2023 and beyond, thanks to the strength of its technology industry, infrastructure investments, sustainability efforts, and culture of innovation and entrepreneurship. As such, the outlook for Mountain View's housing market is positive, with continued demand for rental and ownership properties.
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