Are you thinking of moving to San Jose and just curious what the cost of living is? Hello, I’m Joseph Bradley with eXp Realty of California. Welcome to Bay or Bust, where we talk everything Bay Area. So if you’re interested in knowing more about the Bay Area, please be sure to subscribe right here.
The Bay area has one of the highest cost of living in the United States. In this video, right here today, we are going to talk about the cost of living right here in San Jose. The average price median single family home in San Jose is around a million dollars, with the most expensive housing in San Jose been in the Willow Glen area, which is located just South of downtown San Jose in more robust and developed area. Whereas if you go to the older side of San Jose, up along the East foothills, this is where you find Alum Rock with the least expensive areas.
The closer you get to downtown San Jose, the more expensive prices tend to get on homes. So if you’re wondering what a million dollars buys you here in San Jose, you can get about 1,500 to 1,800 square feet. And it’s a three bedroom, two baths, moderate size home, an average home. Well, with the very low end of San Jose, you can get into the real estate market here for around 800,000, but that’s going to get you a three bedroom, one bath, older part of San Jose that’s been around for a while. Well established, but doesn’t have a lot of the minutes you would find closer to downtown.
With the most expensive, in San Jose remember this, San Jose has up to 4.5 million dollars, and this is the Willow Glen. These are your custom homes, 2,500 square feet, plus large lots, large amenities, lot of stuff around it where everything is custom. So once again, if you want that large home, Willow Glen’s the place to go.
So you’re wondering how much money you need to make in order to live in San Jose. Well, that’s what we’re going to cover next. The cost of living in San Jose is 49% higher than the national average. The average salary here in San Jose is about $100,000, where the most popular occupation is software engineers, senior software engineers, mechanical engineers, which pay between 54,000 and 166,000 per year. So you’re not ready to buy here in San Jose, so let’s talk about the rental price. The average rent is approximately $2,800 a month, and that’s just for an average size 886 square foot apartment. So the cost of rent will base upon various locations, amenities that you have around there. Closer to downtown amenities, prices go higher, further out and less amenities, the prices go down.
So now that we know what the cost of living here is in San Jose, let’s talk about the commute. I did a little bit of research and pulled some numbers, and here’s what a recent report said. San Jose holds a spot with the estimated commute cost of $32. Based on a meeting earnings of $62,000 and an average work week, just under 40 hours, your average one way commute could be anywhere from 31 to 35 minutes. So in other words, your commute time is a dollar a minute. So the next question I get is, do you need a car in San Jose? The answer’s yes. Because getting around, San Jose is spread out all over place and it can be a little difficult. Most of the public transportation in this area is slow and can take forever to get around.
So the other thing that we want to talk about, that I get asked a lot, is the cost of school. So I did some numbers, I want to give some rough estimates of what private schooling costs here in San Jose. The average private school tuition in San Jose is around $15,000 for elementary school and about $23,000 for high school. San Jose state University, home of the Trojans, tuition is about $5,000 for in-state residents. If living on our campus, students should budget another $3,000 for additional living expenses. Off-campus residence should budget another 4,000 to $5,000 for [inaudible 00:04:08] living expenses. And the reason why I know about all these numbers, because my son is going there right now.
So now let’s talk about some of the lifestyle costs here in San Jose. Sales tax for San Jose is a 9.25%. Property taxes usually calculate at 1.25% any bonds or any assessments the government adds for improvements, schools and other items. Garbage, yard waste, and recycling are also included in your property tax bill. So one of the thing you want to consider when moving to California, especially from another state, or here in San Jose, is your income taxes. Be sure to check with your tax consultant to find out how those tax implications affect you.
Well, I hope this video gave you some insight, the cost of living right here in San Jose. Should you have any further questions about San Jose, please do not hesitate and reach out and ask me. If you’d like to receive more videos that are focused with everything Bay Area. Make sure you subscribe to my channel. My name is Joseph Bradley with the eXp California. Thank you for watching.