Housing by the Numbers

In preparation for the Housing Forum on Saturday, here are a couple of statistics about housing costs in the Bay Area and B'game.  Today's Chronicle piece addresses real estate prices by noting

The median Bay Area home price surged to an all-time high of $820,000 in March, up 9.3 percent from February and up 14.7 percent from March of last year, research firm CoreLogic reported Tuesday.  For the fourth consecutive month, Santa Clara and San Mateo counties showed the steepest year over year gains: 33.6 and 25.7 percent, respectively.

People “are trying to desperately buy something before it becomes completely unaffordable,” said Scott Anderson, chief economist with Bank of the West. “Six months, a year from now, you will see more of the downside from rising rates.”

While Zumper has provided this B'game-specific information to the Voice

-Burlingame ranked as the 7th most expensive city in the Bay Area to rent this month.

-The price of one bedroom units grew 4.4% to a median of $2,620, while two bedrooms jumped 5% to $3,390.

If you click through to the Zumper blog post and view the Yearly 1 Bedroom Rent Evolution chart you will see they find a 14% YoY increase--which is more than 45% less than the real estate price increase noted above for San Mateo County.  I'm guessing B'game is at the upper end of the County increases, so rents are increasing much slower than residential prices.  Food for thought before there is another run at rent control.

Comments

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Does Cynthia the Socialist think it is fair that house prices are going up faster than rents? Wanna bet yes?