Every day we get new confirmation that San Francisco’s rental market blows.
Today’s development comes courtesy of Rent.com, who assembled a list of the country’s most populous cities, taking into account median household incomes and rental vacancy rates (provided by the 2012 U.S. Census) as well as their data of this year’s median rental rates.
The results are wholly heartbreaking and completely familiar. Just for comparison’s sake, keep in mind as you’re reading that the national average of vacant apartments and houses up for rent is 7.4%.
Here are the five toughest housing markets in the Unites States.
5. Los Angeles, CA
· Rental Vacancy Rate: 4.9%
· Median Rent 1BR: $2,485
· Median Household Income: $49,745
Gas prices are horrible, and public transportation is worse. On paper, it seems like there’s no good news for Angelenos when it comes to living there. At least they’ve got some good food and pretty people to distract themselves.
4. San Jose, CA
· Rental Vacancy Rate: 3.8%
· Median Rent 1BR: $2,360
· Median Household Income: $81,349
Shouts to Silicon Valley for assisting San Jose in becoming one of the most unaffordable areas in the United States. The neighbor of the the tech hubs that are Palo Alto and Mountain View, San Jose has finally claimed its bougey place in the American rental market.
3. New York, NY
· Rental Vacancy Rate: 6.4%
· Median Rent 1BR: $4,010
· Median Household Income: $51,865
New York may be the city with streets that make you feel brand new and inspire you, but it’s pretty much zapping wallets right and left. Finding an affordable apartment in New York is akin to meeting Paul McCartney: it’s almost positively never going to happen, and if it does, you’re going to weep like a baby.
· Rental Vacancy Rate: 2.3%
· Median Rent 1BR: $1,578
· Median Household Income: $76,483
Ventura is certainly picturesque, but seeing your rent check every month might just taint your whole perception of the city. Rents are high, reaching nearly $1,600 for a one-bedroom, but what’s most staggering is the rental vacancy rate: only about 2% of apartments are available for rent at any given time, which is approximately a comparable percent to the amount of people in the world with armpits that don’t smell.
1. San Francisco, CA
· Rental Vacancy Rate: 3.2%
· Median Rent 1BR: $3,125
· Median Household Income: $73,802
Ah, yes. San Francisco. We expected to find you here. In a city where to rent a studio of around 300 square feet you need to be a tech company exec, it almost seems enticing on some days to pick up and move to Nowhere, Nebraska just so you can fit all your things in one place. There is consolation to embracing the struggle: watching the fog roll over the city is enough to remind you why you’re here.
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