Just as i was going to upload this F.A.Q page, an article came out about the rising rent situation in San Francisco. Here are some telling statistics and excerpts...
Percentage of San Francisco households in 1993 that could afford the median rent for a vacant two-bedroom apartment, based on income projections from the 1990 census:
36
Percentage of people living in the Mission District in 1990 who could afford the median rent for a two-bedroom vacant apartment in 1998 :
23
Sources: U.S. Bureau of the Census (median household income), Bureau of Labor Statistics
Hours a tenant must work at service industry job at $6.00 an hour to afford the federal government's "fair market rent" for a one-bedroom apartment in San Francisco:
143
Source: National Low Income Housing Coalition
Owner move-in evictions in San Francisco have increased 345 percent between 1996 and 1998 alone.
Chances are you might be reading this and thinking of moving here. I know that I would think twice about it these days, SF has a reputation as a "new bohemia" and all the new high tech jobs have brought an influx of highly paid corporate lackeys to our town. Landlords have probably benefited the most it seems as people in working class and service industry jobs are suffering finacially to make ends meet.
The market has determined thus far what people will pay for a place to rent and the ceiling is apparently cathedral like for some of these people coming to town lately.
In Ohio $300,000 will get you into a pretty big house with 4
or more bedrooms and a nice two car garage to park your Range Rover in. In the
Bay Area right now you'd be laughed out of most communities and possibly offered
a bungalow on the bad side o town. Only 20 percent of all income earning households would be able to afford to
qualify to buy a median-priced home at $343,210.
If you would like to rent a flat with three or more bedrooms, a traditional SF style accommodation prices now range from $2000 on the low side to above $5000. Ten years ago that would have sounded absurd. Real Estate agents currently have waiting lists for any vacancy that hits the market. Bidding Wars now escalate prices even higher.
A one or two bedroom apartment is between $1500-$2000 a month. Some can be as high as $4000 if you want a parking space or other amenities like a nice Bathtub, or Deck.
Rooms with housemates are approximately $500 - $800 per person depending on various factors. Ten years ago rents of $150-300 per person were not uncommon.
Studio apartments run from $600 to well above $2000.
try Craig's List or Rent.Net
People Do...They Move Away and Then New Suckers Take Their Place.
The People who move often buy property elsewhere and make lower payments monthly than their rent.
Be prepared to close out your IRA or possibly sell your car . A two Bedroom in a semi-safe neighborhood recently asked for $3600 total to move in. $2000 of that was the deposit. $1600 is the rent.
The reason you'll be better off selling your car is because, you will immediately start getting tickets unless you park it in a nearby unsafe neighborhood.
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