Other agents have given you great insights into school districts and location: very important factors in determining the value of a home.
Let me give you a different perspective.
As you pointed out, Milpitas has the Great Mall and is conveniently located with many freeways connecting you to different cities within the Bay Area. I have not heard much in terms of major developments that may alter the community in a dramatic fashion.
However, in Santa Clara, you already know about the 49ers Stadium coming online next year, which will alter the city. But there was a recent announcement that developer Related may be given exclusive options to build a 230 acre mixed use shopping/residential community like Santana Row, except it will be about 10x larger. With Sports/Concert and Mega Shopping complexes within walking distance to each other, there will be a lot of activity and demand as the surrounding neighborhood look more attractive to buyers. Just look at the value increase that happened around Santana Row.
So not only should you look at schools and commute between those two cities, but you should also consider what the demand will look like for homes in those same cities 5-10 years down the line.
What is your budget? Do you want cash flow? Equity Return? Appreciation? Do you plan on living there or renting out?
Santa Clara is also centralized and commute to business is desired.
The answer to your question can not be fully realized on the internet. It requires a face to face meeting, discussing your goals, and a strategy to obtain the desired result.
Have an amazing day.
and real estate statistics for Santa Clara:
it is very hard to see significant differences in appreciation.
The differences in the homes offered will be greater than differences in city averages. Think about all of the goals you may have. Will you want to convert the rental home to your own primary residence so that you can get the homeowner exemption from capital gains? Will you ever let your own children live there?
Top 2 agent nationwide at Keller Williams Realty, the nations largest
Over 30 years experience
Over 1,000 homes sold in Santa Clara and San Mateo counties
if your only consideration is investment, either Milpitas or Santa Clara are equal.
As you have pointed out, each community has it's advantages. Each community has it's fans who would rather live in that community rather than anywhere else.
If you are looking to buy your personal residence, I recommend that you base your decision on what you want in a community and which location you prefer.
With respect to investment value, a home in either community is a great investment.
Charles Butterfield MBA
Real Estate Broker/REALTOR
Cell Phone: (408)509-6218
Email Address: email@example.com