The world has rapidly urbanized within the last 100 years. In fact, the percentage of the world’s population living in cities has exploded past 50 percent in recent years as people move into urban areas away from rural ones. While most of the world, including America, traditionally lived in close-knit agrarian communities, technology and economic pressures have caused a dramatic shift in favor of life in the big city. With that growth has come increased prices for real estate in high-value areas. Real estate pricing is an important issue for economic health as it often prevents much-needed talent from affording the cost of living in the cities. Here are a few examples of cities with the most expensive real estate and how they got that way.
Cities With the Most Expensive Real Estate: Seattle
As the biggest city in the Pacific Northwest and home to giant corporations like Starbucks and others, Seattle is a hot place to live, especially for young professionals. The high quality of life in the city, relatively low crime rate, and generous social programs put it at the top of many people’s destination lists. However, with this popularity comes higher real estate prices. According to the YWCA, many housing experts cite the city’s massive population growth combined with the limited construction of new homes or the development of new areas in the city as reasons for the expensive real estate.
Arguably no city has a bigger real estate pricing crisis than the city by the bay. According to Callaway & Wolf, San Francisco crams nearly a million people into less than fifty square miles. As the home of tech giants Facebook and Twitter, among many other upstart tech firms, San Francisco houses one of the wealthiest and most well-educated populations in the world. This higher income of residents has contributed to the skyrocketing real estate costs, as has the lack of new housing.
Cities With the Most Expensive Real Estate: Washington, D.C.
The nation’s capital is home to nearly all the important federal agencies that employ millions of middle-class Americans. This large workforce has only grown recently with the expansion of the government’s activities. This growth has posed challenges for the city’s managers who now face a real estate crisis in their backyard.
These cities will likely continue to see increases in their housing costs as they continue to grow and attract more middle-class competition for housing. It’s important at times like these to be able to have a great real estate agent who can get you the best deals for any property you might want to buy.
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See below to see some of the most expensive real estate in Lee County Florida