San Francisco is home to high living costs, tech workers, and public poop problems. Currently, it is one of the most expensive cities in the US. Since it is close to Silicon Valley, known as the world’s tech center, San Francisco has become a wealthy city in America in accordance to Maxwell Drever report.
Yes, people living here can proudly say they are different and more elite than other Americans. Still, Bay Area residents are also complaining about the expensive life, mainly the housing crisis due to which the affordability rate is dropping quite fast.
Let’s look at five facts that will astonish you and prove that San Francisco is the wealthiest US city Maxwell Drever describes:
More Wealthy People Live in the Bay Area than Any Other Populous Metro Areas in the US
According to the US Census, San Francisco lands in 3rd place on the “Highest Number of Billionaires in the US” list due to the technology sector. The median household income here is $107,898, which is 74% higher than the national median household income, which is $61,937.
Rent in San Francisco Is 2.5 Times Higher Than National Rent
When it comes to affordability and renting a 2-bedroom apartment, San Francisco is not the name that pops up on the internet, and neither will in the foreseeable future. The median rent price here is $4,500, whereas that in the US is $1,650. If you are thinking about getting a co-living space, be ready to shell out $1,900 per month, just for a bunk-bed with four walls.
Housing Price in San Francisco Is 4.4 Times Higher Than National Housing Price
The median price of homes nationally listed s $285,000. According to a report by Trulia, 81% of homes cost more than $1 million in San Francisco. According to a survey done in 2018 in the Bay Area, the housing market in San Francisco was and is so dire that around half of the residents said that they would move away soon. The price of single-family homes isn’t any good. It is predicted to rise to $5 million in the next five years.
No Stability – You Cannot Buy a House with the Income People Make in San Francisco
If residents want to buy a house by paying a 20% down payment, they need to earn more than $303,000 annually. According to the Bureau of Labor Statistics, workers in the US earn around $46,696 annually. The median US worker would have to work for six years to save this amount. Based on this estimation, only 12% of households can afford a home.
People Are No Looking for Alternative Living Methods
According to a reporter, who interviewed tech workers, housing prices have risen so high that people can’t afford to have a traditional roof over their head, such as an apartment or a condo. Some employees live in their offices, while others choose vans and houseboats as alternatives. This is because, in the past year, landlords have quadrupled rent rates Maxwell Drever demonstrates.
For the 6th year in a row, San Francisco has been named the most expensive city in the US. Next in line is New York, followed by California. While being the tech hub, San Francisco offers plenty of employment opportunities. Still, with the rising housing prices and high household income, Americans are better off living in some other city, such as Texas, which is on the list of most affordable cities in the US.