The Spotlight: It’s no secret that San Francisco is an expensive place to live. But with housing prices going through the roof and eviction rates on the rise, the bay area is facing a massive housing crisis.
In 2015, San Francisco was the most expensive rental market in the US.
2015 median one-bedroom rent
Source: Curbed San Francisco
Prices have been on the rise for years. In four years, the median price of an apartment increased 50%, with a CAGR of nearly 11%!
Median price of an apartment in San Francisco
And it’s not about getting more bang for your buck. The price per square foot on rentals has increased 70% since 2011.
PRICE PER SQUARE FOOT ON RENTALS IN SF
Source: Paragon Real Estate Group
No wonder nearly 43% of renters put more than 30% of their income towards rent in 2011.
Source: SF Gate
evictions on the rise in SF
Even still, evictions have increased an average of 20% each year since 2011.
Source: San Francisco Rent Board
Want to buy instead of rent? Good luck. The median price for a single-family home or condo in San Francisco recently surpassed $1 million.
In 2016, San Francisco home values are predicted to increase nearly 68% from 2012 - that’s a CAGR of nearly 14%!
In fact, it’s gotten so ridiculous that a 180 sq ft shack was recently on the market for $1.99M in nearby suburb Palo Alto.
Perhaps it’s no surprise that islands and castles are occasionally more affordable than San Francisco real estate.
Source: Upout and BuzzFeed
Databox Spotlights are data-based narratives that share a point of view on a wide range of topics. We highlight the points that matter most in each story, and aim to make them fun, interesting, and useful... or at least one of the three!
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