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San Francisco's Rent Hits a New Peak of $3,690, Highest in the US (cnet.com)
An anonymous reader shares a report: The median rent for a one bedroom apartment in San Francisco has reached a new peak of $3,690, according to survey data from Zumper, a home and apartment rental app. That's also a rise of nearly 9 percent from the same time last year, the survey found. Not only are those figures high enough to make your bank account cringe, but they're also nearly 30 percent higher than New York City and more than double the prices in Miami. Seattle, home to Amazon and Microsoft, rang in at $1,970 and Washington, DC, hit $2,150.
Oh, and by the way, while San Francisco's prices rose, the median price of one bedroom apartments across the US dropped nearly half a percent during this same time. That means while San Francisco's prices climbed, the country's prices fell. "Though there may be a ton of cash flowing through the city and surrounding areas soon, many of these workers will not immediately invest in a home and may, instead, take their money to both travel and upgrade their rental situation," Zumper wrote in a blog post Thursday.
Oh, and by the way, while San Francisco's prices rose, the median price of one bedroom apartments across the US dropped nearly half a percent during this same time. That means while San Francisco's prices climbed, the country's prices fell. "Though there may be a ton of cash flowing through the city and surrounding areas soon, many of these workers will not immediately invest in a home and may, instead, take their money to both travel and upgrade their rental situation," Zumper wrote in a blog post Thursday.
I love this little nugget from the article:
>>Add in the fact that there isn't enough housing to go around, and prices have naturally skyrocketed. The federal Department of Housing and Urban Development said last year that a family of four earning up to $117,400 qualified as "low income" in the city.
You got to be kidding me!! That town needs to slide into the ocean. That is nuts! SMH
You're messin' with my Zen Thing, man.....
I work in IT in California and pay $1300 a month on my 4 bedroom house.
California is a big state of which San Francisco is only a small part.
"This is how it's _supposed_ to work."
No it's not. How it is supposed to work is that when rental prices start to spike in a community developers see the increasing profit potential of an area and increase development. It's classic supply and demand economics and is literally how all of our major cities formed.
What is happening in San Francisco (and in many parts of California) is that supply isn't being allowed to increase or increase fast enough by local government. The biggest offender is the valley but their problem has become so severe (with a modest single family homes selling for over a million) that it's spilling over and exacerbating already existing problems in places like San Francisco and beyond.
I ignore Anonymous Coward posts. If you want to discuss something, that's awesome. Log in.
Here's the official map of SF zoning (PDF) (linked from here). You see the deepest of dark red on that map? That's labeled as a 500 ft height limit, which is a bit short for a new tower, but not completely unreasonable. See the entire rest of the island except for those handful of plots? Those are places where the zoning commission has decided that building to a reasonable height is forbidden.
Is that why California ranks almost dead-bottom for education and bottom for poverty level?
As much as I hate Cali: educational results can usually be explained by demographics, and Cali is no exception. This is especially true of states with a sizable ESL population: you're never going to get the same statistical educational outcomes from native English speakers and those who enter the educational system not speaking English.
Socialism: a lie told by totalitarians and believed by fools.
Why do we need to live in big cities on the coast, again?
Because that's where all of the other educated people live. If you're 100% anti-social, and you don't leave your house, and all you care about is money, by all means, move to the middle of nowhere. That's a great option for a person like that. But if you care to interact with other people, and do interesting things involving other people, you probably want to live on the coasts for now, because that's where the greatest concentration of educated people live.
I don't respond to AC's.
No. California out-migration is second-lowest in the nation. Only Texas is lower, which is why that comparison works, but doens't mean anything.
https://medium.com/ca-rising/the-great-migration-myth-bda59595dfa2
California is 18th for poverty rate. Beating Oregon, Texas and every Southern state and most of the Southwest.
For education, California is ranked 26th. Making it pretty typical of the US as a whole.