Palo Alto, CA, is a key city in the San Francisco Bay Area and the Silicon Valley. The trees and classic suburban architecture give Palo Alto a hometown look, but the city is also home to a thriving technology industry, headquartering major tech corporations like Hewlett-Packard. And Stanford University, one of the country’s elite educational institutions, is adjacent to Palo Alto as well.
Palo Alto is an elite city in the San Francisco Bay area. Buying a home in Palo Alto is a privilege that few people can afford. Palo Alto’s real estate prices protect its exclusivity while preventing many people from becoming residents.
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| Population 58,598 | Median Age 40.2 yrs | Household Size: 2.30 |
| Avg Home Value: $811,800 | July High: 78.8°F | January Low: 40.4°F |
Buying a Home in Palo Alto
Palo Alto, Calif., is located in the southeastern section of the San Francisco Peninsula. Palo Alto’s location and gorgeous homes combine to make it a highly sought-after place to live. According to the 2000 census, Palo Alto had a population of 58,598. The relatively small population and competitive real estate market make buying a home in Palo Alto a rewarding, yet expensive decision.
Along with being a suburb of San Francisco, Palo Alto is located in the heart of Silicon Valley. In effect, you could consider San Francisco a suburb of Silicon Valley. In most parts of the country, people live in towns close to a major metropolitan city for many reasons, but mainly because the metropolitan city is too expensive to live in. San Francisco is an expensive metropolitan city, but many people who work in Palo Alto commute from San Francisco because of Palo Alto’s real estate prices. Buying a home in Palo Alto is a privilege.
The median home value for Palo Alto was $776,000 in the year 2000, and the median asking price for a home was $867,600. The average asking price for a home in California was $151,900. If you have the finances to purchase a home in Palo Alto, consider yourself fortunate. The city caters to upper-class citizens and keeps the streets and parks looking picture perfect. Palo Alto can sell homes for high prices because the average income for a household living in the city was $111,000 in 2000.
Currently (January 2006) Palo Alto has 45 single-family homes for sale. The cheapest home for sale is a three-bedroom, twobathroom home with 1,144 square feet of living space, selling for $850,000. There are only three other homes for sale with an asking price under $1 million. But this is what you expect when looking to buy a home in Palo Alto. You will pay a lot, but you will also receive high quality.
Buying a home in Palo Alto is an exciting process because you will be buying a home in a great city, in a great location. There are no bad neighborhoods in Palo Alto. Every street will be lined with custom-built, million-dollar homes. When you buy a home in Palo Alto, you will find yourself surrounded by high class and gorgeous scenery.
By Justin Hunter
A REALTOR® is a real estate professional who is a member of the National Association of REALTORS®