It’s a story of a city where the cost of living has never been higher, where rents have skyrocketed and where homeowners are increasingly relying on their own money to pay their mortgages and keep up with their bills.
As cities across the U.S. have begun to grapple with the housing crisis and the resulting shortage of affordable housing, it has become apparent that many people living in the Golden State have become increasingly frustrated with the lack of affordable rental options.
And now it’s the homeowners themselves who are feeling the brunt of the affordability crisis.
According to data from real estate analytics company Trulia, the median monthly rent in San Francisco jumped to $1,300 in September, the first month that Trulia’s monthly rent index increased since 2014.
The average rent in the Bay Area was $1.052 a month in the first quarter, which equates to $5,000 more than the average rent of $2,300.
In San Jose, rents rose by 8.6 percent in September and are now at their highest point in three years.
Renters in Oakland, meanwhile, are now paying more than double what they did in 2017, according to Trulia.
“It’s not a good year,” said Andrew S. Seabrook, president of the Bay City Economic Development Corporation, a nonprofit that provides financial services to low-income San Jose renters.
“It’s a very good year for renters, but it’s a difficult year for the homeowners.”
The trend is clear: In the Golden States, home prices are up, while renters have lost ground.
In San Francisco alone, the average monthly rent increased to $3,865 in September from $2.3 million in September 2017, Trulia found.
It’s the same story in Oakland.
The median rent rose 6.7 percent in the same period to $2.,000, according the same report.
Selling Homes in San Jose: Homeowners are feeling itThe San Jose market is one of the most expensive in the U, but home prices have been rising faster than rents.
Even as the Bay area’s economy has slowed, San Jose has seen its market prices skyrocket.
There have been many signs that the city’s housing crisis is reaching its peak.
Trulia found that the median rent for a two-bedroom apartment in San José has increased by almost 6 percent in 2017 to $900 a month, while in Oakland it has jumped nearly 12 percent to $8,000 a month.
But the trend has been particularly pronounced for renters.
In the last year, home sales in San Mateo County have been flat while home prices there have risen nearly 12.5 percent, according data from Realtor.com.
Realtor says the increase in the market prices is likely driven by a glut of homes available.
While home sales are up in San Diego County, they are still well below the level of the past two years.
In fact, the number of homes in the county is still below the peak in 2013, when it hit 1,788,000 homes.
However, there is one place that has been selling homes at a high rate, and that is San Jose.
In September, homebuyers in San San Jose had more than $2 billion in their portfolios, up from just over $1 billion in the fourth quarter of 2017.
This number is up from $1 trillion in the last two years, according Realtor’s report.
That’s a big jump from the year before, when there was just $500 million in home sales.
At the same time, sales of existing homes in San Antonio have been up 7.8 percent, while homebuyer activity in San Carlos has been flat.
Homeowners are struggling to buy homes in both San Mateos and San Antonio and are also struggling to keep up.
Since 2014, San Francisco has experienced an increase in home prices of more than 12 percent, Truba reports.
San Jose experienced a 5.2 percent increase, and Oakland saw a 5 percent increase.
Meanwhile, in Oakland rents are up almost 7 percent to an average of $1:1, according Trulia data.
That’s a dramatic jump from just a few years ago, when rents were averaging $1 a month on average, Truman said.
A growing housing shortageThe housing crisis has also hit the Bay’s renters hardest.
According to Truba, the percentage of renters who have been forced to rent their homes from their own incomes fell from 27 percent in 2013 to 14 percent in 2018.
This represents a significant drop from the previous two years in which renters were also forced to pay more to afford their homes, Trubar said.
San Francisco’s median rent was just under $1 million in the third quarter of 2018, but Trulia says the city has experienced a drop in the