Insane Rental Prices in SF

January 25, 2015 at 1:44 am Leave a comment

Can you believe how expensive it is to live in SF. A lot according to this article in the AP

“U.S. home rental prices continued to climb at a modest pace in December, but rapidly escalating costs in cities such as San Francisco and Denver suggest that apartment dwellers are facing more financial pressure.

Prices rose 3.3 percent in December compared with 12 months earlier, real estate data firm Zillow said Friday. Although that increase is less than the recent appreciation in home values, a surge in apartment costs in several of the hottest markets indicates that renters who aspire to buy homes face mounting financial challenges.
Read MoreChicago luxury towers raise the roof on rentals
The share of Americans who own their homes has slipped to 64.4 percent from a peak of 69.2 percent in 2004, the result of the housing market crash that triggered the Great Recession in late 2007 from which the U.S. economy is still recovering more than seven years later. Because fewer Americans can afford to buy a home, demand for apartments and rental houses has pushed up prices at a time when newly graduated millennials are starting to leave their parents’ homes.”

Damn! That is a lot of money.

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Entry filed under: economy, San Francisco.

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