San Francisco’s median rent is so high…

How high is it?!

San Francisco’s median rent is so high that I overheard it asking “why is it that when you buy a bigger bed, you have more bed room, but less bedroom?”

If you’ve been breathing, anywhere, you’ve probably heard about how astronomical the bay area rents are. The only things higher than the rents here are the median income & the homeless population… And maybe that random guy that just asked me if I knew where to find any H.

NO, I can’t tell you where to find any H, officer Richard! However, I can tell you that The federal Department of Housing and Urban Development said last year that a family of four earning up to $117,400 qualified as “low income” in the city. If a six-figure income is considered low income, it could make sense that the rents in the city may also be disproportionate.

San Francisco reportedly has just hit “a new high at nearly $3,700.” While it may not be the highest median rent in history(according to Zumper it is), the fact of the matter is that $3,700 is quite a bit of change to be paying for a 1 bedroom apartment. “Seeing San Francisco prices reach a peak now shows that there is strong upward pressure on rent prices here and the looming tech IPOs may be a big factor as to why,” notes Zumper writer Crystal Chen.

“Rents are rising faster than median home prices in 45 percent of the markets analyzed — indicating continued strong demand for rentals in those markets — while annual wage growth is outpacing rent growth in 43 percent of the markets — indicating room for rising rental returns in those markets,” said Daren Blomquist, senior vice president at RealtyTrac.

The good news is, that even though San Francisco’s housing market is trippin’ trippin’, there’s still affordable housing to be found and purchased in the Bay Area. The question is what do you want? (Pun intended) Would you rather rent an apartment/house with no equity, or find a home that makes cents for you? (Pun intended)