The Changing Landscape of the City
Long time San Francisco residents will notice something strange in the above charts: historically inexpensive neighborhoods, especially downtown and the surrounding areas, are now some of the most expensive...Over the past year, rents have continued to increase, but not uniformly. Asking rents have increased tremendously downtown, mid-market, and in the southern part of the city that offers the shortest commutes to the South Bay.
Our friends at Priceonomics are tracking just how hot the SF rental market is. They are calling it a rent explosion! Below are the updated averages for a 1bd in the City by the Bay, broken down by neighborhood and year-over-year.
Niche Interiors sits down with Herman Chan to pick his brain the San Francisco Luxury Real Estate and Design Market! Find out the answers these pressing questions on their site!
Bad News for Millennials! SF is Least Affordable Place to Rent in the Nation...And East Bay Ain't Much Better!
Curbed SF is saying Millennials are paying top dollar to live in the City by the Bay, but it's not sustainable!
Citylab crunches Zillow data & finds:
Ten percent of ZIP codes in the San Jose metro have median home values of more than $2 million....In the Bay Area... housing has become so expensive that much of the middle class has been effectively priced out of home-ownership. Forty-four ZIP codes have median home values above $1 million, just nine have median home values below $300,000, and not a single ZIP code has a median home value below $200,000.
Wall Street Journal says:
Rent growth exceeded 6% over the past year in San Francisco, San Jose and Seattle....But household incomes have stagnated, resulting in a financial squeeze for a growing number of renters.
SF Business Times says of the 5 inner Bay Area counties, prices are up 18% since last. Interesting that some places are 14% beneath the 2006 peak, but some places are soared past the peak. With the exception of Berkeley and SF (urban meccas & always desirable), notice the other cities they mention below all have excellent school districts.
Prices shot up during the tech boom in the late 1990s then dropped after the bust. They peaked even higher in 2006 before hitting a recession low in 2011. They have been on the upswing again, but as of April, the region as a whole is still 14 percent lower than its previous peak in May 2006.
What kind of job do you need to afford a good house in San Francisco? One that pays around $140,000 a year before taxes, according to a new report from financial publisher HSH Associates....And even then you’ll be unable to qualify for a good number of homes on the market. That salary makes the City by the Bay the least affordable major city in the country
Business Insider's got the scope!
The fastest-moving markets had a lower percentage of homes still listed after the two-month period, while the slowest-moving markets had a higher percentage.
San Francisco Mechanic Sold His AutoShop Building for $9M & You Know The Buyer Is a Condo Developer! (It's the Mission)