Realtypin.com Watching Tech Boom Drive Bay Area Housing Prices Sky-High
Most of the country is currently seeing higher housing prices, but the Realtypin.com team notes that things in the Bay Area are moving faster than some people would like.
Los Angeles, CA (PRWEB) May 15, 2013
Realtypin.com — a website that analyzes real estate news and development — has been watching home prices in and around San Francisco rise for months. However, they note, some residents can´t keep up with the gains.
Prices around the Bay Area have been affected like much of the rest of the country as of late. Because there are so few homes for sale, hungry buyers are getting into bidding wars, which is driving up prices. Since many of those buyers are investors who are scooping up homes and renting them out, the rental market has gone sky-high, too.
According to the team of experts at Realtypin.com, that´s where the problem lies. “Because Silicon Valley lies in the Bay Area, the tech boom is making the local housing market surge faster than most other places. Since so many of those tech jobs pay such high salaries, investors know they can charge a lot more for rent. That presents a problem for the so-called ℠normal´ people,” said James Paffrath, the co-owner of Realtypin.com.
The Census Bureau just confirmed that the San Jose-Sunnyvale-Santa Clara area is home to the highest rent prices in the country. According to statistics they gathered over a two-year span (http://www.census.gov/prod/2013pubs/acsbr11-07.pdf), the average “gross monthly rent” — which includes rent payments and utilities — is $1,460. The gross monthly rent for the city of San Francisco itself is $1,345.
These numbers are likely to keep going up, which has angered some residents in the area. According to a May 7th report from Business Insider (http://www.businessinsider.com/san-francisco-hates-google-employees-2013-5), a group of San Francisco residents protested Google on May 5th because they blame the company for a much higher cost of living. According to a flyer passed out before the protest, rent payments in the Mission District have nearly doubled over the past couple of years, and many residents have been evicted because they couldn´t afford them.
“It´s an interesting fight,” said Paffrath. “Normally, people are thrilled when prices go up, because it means the local housing market is healthy. But in this case, prices are rising very quickly, and people are downright angry about it.”
For more real estate news and analysis, log onto http://realtypin.com.
For the original version on PRWeb visit: http://www.prweb.com/releases/prweb2013/5/prweb10728070.htm