If you own a home in the tech hubs of San Francisco, Seattle or San Jose, values are appreciating at rates that can add up to a well-paid job — if you’ve played your cards right.
According to a Zillow analysis, equity is houses in the three West Coast cities are increasing by more than $400 per day, with San Jose homeowners coming out on top with their home values rising by about $800 daily.
“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,” Zillow economist Aaron Terrazas told Bloomberg.
Based on Zillow’s analysis, in New York the typical home owner can expect their house value to gain roughly $340 over an eight-hour workday, which adds up to about $88,000 per year. The average equity gain across the country for homeowners is $50 per day. [Bloomberg] — Erin Hudson