Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
In 20 years, I imagine the wealth gap between those who owned a house pre-pandemic and those who did not will be studied in great detail.
No doubt. It is unsettling how many people are getting shut out of homeownership right now. The worst part is that with rising rents not only are they missing out on the wealth-building that comes with owning Real Estate; but their COL is SIGNIFICNATLY more susceptible to inflation.
I noticed that they use the overall metro area numbers and apply them to every city listed in the metro. It’s a little odd. I don’t have a huge problem with it but it’s not 100% accurate as some individual cities within a metro are going to have higher or lower rents than the metro as a whole.
Crazy though that LA metro area rents have surpassed San Jose and are quickly approaching San Francisco numbers. Even San Diego is getting quite hefty in its rents. Seems like the gap between NorCal and SoCal is quickly narrowing in terms of rental costs. Though SF rents have grown more in the past year so it may go even higher.
Boston is really shocking. Does it really have higher rents in its metro than San Francisco?
DC’s rents have been almost stagnant for about 10 years now. The amount of housing built has helped so much. Anyone that thinks building housing doesn’t help to keep rent growth low can look at DC over the last decade for proof it does.
The problem is LA now has SF-SJ-level rental rates but nowhere near SF-SJ income levels.
Honestly the whole country looks scary if the Bay Area suddenly seems reasonably priced.
Yeah… I feel bad for renters in Florida as well as wages are even lower there. And Austin? 40% rent increase in a year? That’s a tough pill to swallow. I know NY shot up but at least NYC went down quite a bit in 2020 so long term it’s not quite as dramatic.
I started reading the article but stopped halfway through as it was just a bit too depressing.
I noticed that they use the overall metro area numbers and apply them to every city listed in the metro. It’s a little odd. I don’t have a huge problem with it but it’s not 100% accurate as some individual cities within a metro are going to have higher or lower rents than the metro as a whole.
Crazy though that LA metro area rents have surpassed San Jose and are quickly approaching San Francisco numbers. Even San Diego is getting quite hefty in its rents. Seems like the gap between NorCal and SoCal is quickly narrowing in terms of rental costs. Though SF rents have grown more in the past year so it may go even higher.
Boston is really shocking. Does it really have higher rents in its metro than San Francisco?
There is no way Boston is more expensive than SF. There was just an article out like last week saying 2bdrm in Boston is ~$800 cheaper than SF. $3700 is no way accurate.
Median rent for a 2bd in Boston proper is only $3200. (In Lynn for example, it’s $2500 for 3 beds) a 3 Bed in Waltham or Quincy is $3,000/mo. In Somerville the median 3 bd is $2800/mo. In Malden a median 3 bed is ~$2,500
In all cases the median apartment is a 2 bed apartment.
This is all according to Zumper I can’t find a single town where the median 3 bed is near 3700 let alone the median apartment
Last edited by btownboss4; 01-31-2022 at 09:24 PM..
In 20 years, I imagine the wealth gap between those who owned a house pre-pandemic and those who did not will be studied in great detail.
Yep! In 1996 we were renting a ~1300 sf five room, eat-in kitchen plus 2 ba historic house with a yard right in the heart of San Diego for $775 - able to easily afford it working as a waiter and student and my partner making $35k or so as a new Navy Contractor hire. That rent is only $1,375 adjusted for inflation and the place would easily go for $3,500+ today. We bought at the end of that same year a Spanish cottage for $179k that now is worth a staggering $1.8M today, $600k or so of that in the last couple of years.
We became well paid professionals over those twenty five years but not even close enough to being able to buy our house today. That simple, honest and attainable trajectory from service worker college students, starting professional being able to afford a decent apartment and then small house in most any desirable big city is now completely out of touch in most regions in the country.
No doubt. It is unsettling how many people are getting shut out of homeownership right now. The worst part is that with rising rents not only are they missing out on the wealth-building that comes with owning Real Estate; but their COL is SIGNIFICNATLY more susceptible to inflation.
Agreed. I recently relocated to a small town in the Midwest from the Dallas, TX area. The cost of houses and apartment rentals is outrageous. In the Dallas area the influx of wealthy Indians, Chinese, Californians and New Yorkers is driving up the cost of living. I desire to have my own house but is is far too costly now.
I’m not buying that Long Island, NJ and NYC have the same rents.
They used metro data. Which makes it kind of egregiously lazy that they used multiple cities in the same metro.
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
