Wednesday, February 11, 2015

If Your Income is Not Close to the Fed Money Spigot, You Must Leave San Francisco

The San Francisco Fed reports:
[I]n recent years, housing costs have increased at a far steeper rate than in California as a whole. Today, the median cost of buying a home in the city is a million dollars, and the average asking rent is $3,057 – up nearly 10 percent from the year before. Amid these high costs, it’s worth asking how the city’s residents are getting by. When you look at some of the traditional metrics used to evaluate the health of a city, the answer is, surprisingly well. As reflected below, the median household income of the city is nearly $15,000 higher than that of California, and despite the exorbitant housing prices, the city has a smaller percentage of its population paying more than 35 percent of their income on rent than the state as a whole and a smaller percentage of people living in poverty... While the data seems to indicate a city that is doing well on all fronts, it does not tell a complete story. Over the past five years, low-income individuals have been moving out of San Francisco at a much higher rate than they have been moving in. 

Median Household Income, Rental Costs, and Poverty Rate in San Francisco

San Francisco Migration Patterns of Individuals with Incomes less than $35,000
Moving to/from a Different County or State

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