Think Bay Area Rent Is High? Rents Are Rising Everywhere Faster Than Inflation, Experts Say It’s Going To Get Worse
The average U.S. rent has climbed 14% to $1,124 since 2010. That’s four percentage points faster than inflation, and more than double the rise in U.S. home prices over the same period.
So how sad a story is too sad for a house to sell? When it comes to how desperate Bay Area home buyers have become – this house is still a gem. And speculators know it.
When the old, dilapidated house known as “The Honeymoon Cottage” hit the market in Larkspur last year, everyone was certain it would be a total teardown.
Faced with square footages in the triple digits with rents approaching five digits, a pair of health care consultants grabbed a banjo, a video camera and some kitschy lyrics and uploaded the result YouTube to lament and possibly land a sweet new pad.
One of San Francisco’s priciest listings is no longer for sale. The 13,500 square foot Queen Anne mansion at 2724 Pacific Avenue just sold for $23,889,000.
The housing market is crazy here in the Bay Area, so a career in real estate may be a good fit. CBS News Business Analyst Jill Schlesinger on the new hot job. (3/25/15)
Los Angeles real estate agent Tami Pardee says tech buyers from Silicon Valley make up about 10 percent of her current clients. “They’re buying second homes — or third or fourth homes.”
One mother in San Mateo says rent’s so expensive in her city all she can afford is a garage.
A massive penthouse condo atop a luxury high-rise in San Francisco’s South of Market is being offered for a whopping $49 million, shattering local real estate records.
County leaders said the recent tech boom has brought more jobs to the area, and the demand for housing has skyrocketed.