Home Values Are Rising by $800 a Day in San Jose
(Bloomberg) -- Typical U.S. homeowners are gaining more than $50 of equity in their homes during every eight-hour workday, according to an analysis from Zillow. Price gains in some parts of the country have been significantly higher. In booming tech cities San Jose, San Francisco and Seattle, appreciation of the typical home added the equivalent in wealth of a six-figure annual salary.
Zillow senior economist Aaron Terrazas said, "For homeowners that have already or are very close to paying off a mortgage, this supplemental ‘income’ – especially if allowed to accumulate over several years – can essentially serve as a kind of second job that pays directly to a homeowner’s bottom line, without nearly as much actual work involved in collecting it."
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