In the past, luxury homes have been a safe, if unspectacular, place to live.
But with the rise of technology, that’s changing.
A recent report from the Center for American Progress and the Brookings Institution found that a third of Americans have used their smartphone to take advantage of luxury homes in the past year.
And that’s an unprecedented trend.
“In 2017, nearly 3.5 million Americans own a luxury home, according to the most recent data,” writes The Verge’s Chris Anderson.
“That number is rising as the number of people with high-end homes increases.
It’s the first time since 2012 that more than three quarters of Americans own at least one luxury home.”
To be sure, these trends are happening on a regional scale.
In New York, for example, nearly 7 percent of the city’s residents own a condo or home, a number that has increased by more than 100 percent over the past five years.
But as tech is making it easier to live in a place that’s a bit closer to home, there’s also an uptick in the number who own luxury homes.
In the last few years, tech has made it easier for people to rent out their homes or buy them outright.
So what do these trends mean for those who live in high-tech cities?
Anderson and the other authors of the report found that, for those living in high tech areas, it means that they’ve been able to buy properties that are closer to their local areas and more convenient for work and school.
This, in turn, means that the number renting out a condo in New York City or buying one in San Francisco will grow.
In San Francisco, the median household income in the city is $97,000, according a 2015 report from San Francisco State University.
For some residents, that means a luxury property can be just the ticket out of the high tech ghetto.
“A lot of people have to find ways to move out of their apartments,” Anderson said.
“They can move into an apartment and live in the house.
It doesn’t mean they can’t have a condo there, but they don’t have to live there.”
Anderson also noted that people are increasingly choosing to live within their own neighborhood.
“The majority of Americans who have an apartment are located in a high-density, low-income neighborhood,” he said.
For example, the survey found that 60 percent of residents of San Francisco’s Central Valley live in an area with a median income of $40,000 or more.
And the study also found that the median income for renters in the region is $31,000.
“This has been a key driver of our affordability in terms of affordability in the Bay Area, and that’s been especially true of renters in Central Valley,” Anderson noted.
“Renters in Central are getting better and better at staying in their homes, but the affordability of those homes has been significantly worse in San Mateo and Alameda counties.”
In addition to the high-priced condos that are becoming popular in high technology communities, there are also a growing number of high-rise apartment buildings, which are often owned by tech companies.
According to the study, a high tech apartment in the San Francisco Bay Area costs $1.3 million per month, which is nearly $10,000 more than a comparable rental unit.
For renters in San Jose, the cost of a high rise apartment is $1,078 per month.
“So we’re seeing this high-rises coming out in places like Silicon Valley and San Francisco,” Anderson explained.
“I think it’s a good thing that we’re going to see these developments as a result of tech.”