Wednesday, July 15, 2020

Here's How Much it Costs to Live in San Francisco Today

San Francisco is one of the most desired cities in the United States and around the world and not only by tech enthusiasts! The argue is stunning, the climate is mild entire year, yet the individuals are so various as much within wherever into America. The drawback to the Bay Area is certainly due to the high prices of rent, food, transportation and services in general, which make it one of the most expensive cities in the United States.

But all this can also have its advantages, the average income is in fact among the highest in America as well as the quality of the services offered. Points certainly not to be underestimated if you wish to move with your family. San Francisco is therefore expensive, but it offers possibilities that few other cities are able to offer!

Since everyone has their own life needs and the cost of it varies from city to city and from state to state, if you want to move to San Francisco it is good that you first take into account your family situation and your needs.

The normal rent within San Francisco for a one-room condominium among the city is rough $3,500 each and every month, or utilities charge around $150 by month.

Rental Prices in San Francisco

Rent among San Francisco have climbed quickly. As on January 2020, a one-room loft within the town rents for around $3,500, whilst the middle atop whole residences is $4,300.

For those who have lived in a less expensive area of ​​the United States such as the South or the Midwest, it could be shocking even to read the prices of rental in San francisco. In those areas, in fact, $ 3,500 would be enough to rent a large and pretty house with a beautiful garden.

When we talk about 3,500 dollars a month we are talking about the average of the rents, in fact there are neighborhoods where a house or an apartment can cost $ 10,000 + per month, as well as with a little luck you can find some cheaper rent in other areas less coveted of the city.

Utility Costs in San Francisco

If we talk about the costs of the utilities, we finally have pleasant news for you and your family. The bills of city occupants are in fact lower than the national normal. This in particular is due to the favorable climate of the city, the total cost of the average bills in San Francisco is around $ 154 per month, not bad!

Food Costs in San Francisco

The cost of food is among the highest in the nation: a liter of milk costs 4 dollars, a dozen eggs costs 3 dollars, a pound of chicken breast about 6 dollars ... Not insufferable expenses if you have a large family... Statistics say that a San Francisco family spends an average of $ 5,200 a year.

Driving Costs in San Francisco

Depending regarding a automobile for transportation into San Francisco is extravagant, also a full-size problem. Accident insurance or gas charge well upstairs the countrywide normal. The metropolis positions third for traffic level, at the back of Los Angeles then New York.

Luckily, San Francisco Luckily, San Francisco has the most efficient and advanced public transportation available, which makes life much easier for its inhabitants.

For motorists, insurance costs an average of $ 2,257 a year, up from $ 1,868 across California and a national average of $ 1,548.9. The use of BART to move around, on the other hand, is the cheapest method ever, with only $ 4 average per passenger.

Student Life in San Francisco

The Bay Area is one of the most desired cities for American students. Many prestigious schools are present in San Francisco and attract thousands of new students every year, mostly attracted by the dream of working in the future in Silicon Valley. The cost of living in San Francisco as mentioned before, is certainly not affordable, for this reason it will be good to keep in mind before moving to how much money you can spend. a practical and widely used solution by students is to live together as roommates, in this way the costs can be easily divided.

Working in San Francisco

Life costs a lot in San Francisco but certainly in this city there is no shortage of well-paid jobs, or salary for professionals is higher here than anywhere else in the United States! With around 5,000 dolalri per month you will be able to live a respectable lifestyle without worrying about not getting to the end of the month with water in your throat. for this reason we can say that if you want to live peacefully in San francisco you will need at least $ 60,000 per year.

Job in San Francisco

We do not recommend those who do not have a fixed and well-paid job to move to San Francisco, because the costs we have just seen could send you to a broken bank in a relatively short time. Without this premise, however, 2020 seems to have started on the right foot in this city, the unemployment rate is in fact about one percentage point lower than the national average (2.7% vs 3.6%). Definitely good news for the economy of this city, ready to welcome new and willing workers from all over the state, and why not, from all over the world!

Real Estate Situation in San Francisco

San Francisco is one of the most populous cities in the United States and house prices in this wonderful city are among the highest in the world. This is clearly due to the prestige of the city but also from a deeper reason, namely the lack of halogen in California, due to the "scarcity" of territory.

This problem related to California is amplified if we talk about San Franciso, the demand for houses is much higher than the supply thanks also to an increasingly strong economy. And it is for this reason that the "few" houses that exist are costing a lot and more and more people decide accordingly to choose the rent. Recent statistics estimate that more than 60% of the population will be on rent.

Although mortgage rates have fallen, house prices in this city still remain very high. The San Francisco real estate market is therefore perhaps a bit overrated but some very important data confirm that buying a house in this city can prove to be a great deal. One of the most encouraging data is the unemployment rate, which was 1.8% at the end of 2019, or 0.2 lower than the previous year. Simply put one of the lowest unemployment rates in the whole nation.

In June 2019, Google announced that it wanted to invest $ 1 billion in 10 years to try to solve the problem of lack of homes in the city. The company would make this major investment in what it believes to be the most important social problem in the bay area real estate market. About $ 750 million would be used to convert the commercial properties belonging to the company for residential purposes.

This could guarantee about 15,000 new homes suitable for a population of each income group The remaining funds will be used to build other new homes from scratch. In addition, the figure of 50 million dollars will be put on the plate to help non-profit associations that deal with assisting the numerous homeless people in the city.

The San Francisco real estate market now is preparing to continue to represent California's most interesting real estate market. But speaking of this, what can the city real estate market forecast for the foreseeable future? According to Zillow, a real estate database company, the average house price in San Francisco has been practically unchanged from August 2018 until today.

The values ​​of the houses of San Franciso have increased considerably and steadily, from 2017 and continuing until 2018. Subsequently, prices have almost stabilized. Over the past year, property prices in San Francisco have increased by 3%. The latest forecast from the San Francisco property market is that house prices will drop 2.3% over the next 12 months.

In addition, according to the most authoritative sources, the situation deriving from the Coronavirus pandemic will significantly contribute to maintaining this stalemate. To date, the average value of a home in San Franciso is $ 1,447,191.

The inhabitants of San Francisco are divided between home owners and tenants. According to authoritative statistics, the large complexes of apartments with one or two bedrooms are the houses present in greatest numbers on the real estate market of the city. Other types of homes that are very present are single-family homes, which have grown a good 30% across the country over the past 3 years.

Therefore, as we have seen from all these statistics, buying a house in San Francisco is certainly not an easy task, especially for those who do not have a high income. Google in this sense is giving a big hand and in about 10 years when its ambitious project is concluded there will be an extra opportunity for everyone.

The Cheapest House in San Francisco is a Shack?

Everyone knows that the San Francisco real estate market is a bit crazy, but this time a really absurd thing happened! The average rental for an apartment in the city is around $ 3,500 a month and the average housing price has just peaked at $ 1.2 million. Maybe that's why someone is trying to sell this "shack" at a price close to reality, $ 350,000! The "house" if this can be defined, does not even enjoy a privileged position, but is located on the border with Daly City. Obviously, it is the terrain that boasts that value.
The house, (at least from what you can understand at first glance), has concrete foundations, half of the structure has partially collapsed and the interiors could not have been worse, the bathtub has even sunk into the floor...

The San Francisco property market will continue to see good development despite, as we all know, the pandemic has slowed the economy of the whole country. Although building permits in the area have recently stalled, some recent data tells us that this market is actually healthier in this city than in many others. San Francisco has always had the problem of housing scarcity, which is why the competent authorities expect a huge investment in the coming years which could lead to the construction of 3.5 million more homes. All this will also happen thanks to the contribution of Google who recently decided to invest in the real estate field.

House prices in San Francisco have stabilized after a rise in recent years will continue on this trend. Average house prices in San Francisco went up to May 2018, then dropped in summer 2019 and stabilized. But thanks to lower interest rates, the San Francisco real estate market has become more of a buying market, making it perfect for new property investors who have a certain type of budget available.

The city of San Francisco beats all the big cities of the United States when it comes to economics and Silicon Valley certainly plays a fundamental role in all this. The propensity for innovation and entrepreneurship, an unparalleled ecosystem and very marked wage growth make this city American economic pride. There are many expanding technology and biotechnology industries in the city and the growth of high tech gross domestic product has helped San Francisco become one of the most sought after and desired cities in the world.

That said, we advise future buyers of this "house" to bargain on the price and, having obtained a big discount, to demolish the structure and build something new!

Cheap Houses San Francisco

$172,153 is the figure that a recent study found was the salary a person needs to buy and pay for a San Francisco home loan. You will therefore understand that few can afford to buy a house in this city, considering that the average salary is $ 88,000 a year. In confirmation of this thesis, the San Francisco Chronicle has found that only 18% of San Francisco households would be able to pay the mortgage on a medium-sized house thanks to their own income.

The average rent in San Francisco is $ 1,700, which has prompted a large proportion of residents (as much as 65%) to rent their homes. Source: city planning department. What makes San Francisco one of the most expensive cities in absolute terms is due to 2 main factors, namely the scarcity of territory on which it can be built and the presence of many historic houses, which cannot rightly be replaced by modern condominiums to optimize space. This over time has made San Francisco one of the least affordable cities in the entire nation.

According to Zillow, the average asking price for a home in San Francisco is $ 1,299,000. But for this figure you will not get a house that is too luxurious, but an average house, another fact that makes us think is the fact that almost half of the sellers keep more than the asking price from their home.

California is one of the driving forces of the United States economy and, with about 39 million inhabitants, it is also the most populous state. The state has an incredibly diverse economy, with Hollywood, Silicon Valley, the manufacturing industry and agriculture all making a significant contribution. If California were a small nation in its own right, it would automatically be the fifth largest economy in the world.

With a GDP of $ 2.9 trillion, California would rank between Germany and the United Kingdom in the ranking of world economic powers. And reconnecting to San Francisco, the Bay Area ranks 19th in the world for economic activity, with an extraordinary GDP $ 535 billion. The Bay Area is home to 7 million people in nine counties and 101 cities, including San Francisco, Oakland and San Jose. The per capita GDP of $ 74,815 is higher than that of London and Singapore.

Recent data shows a small correction in house prices in San Francisco, in fact, in the first quarter of 2020, homes were sold on average 5% less. This is not a synonym of crisis, but simply a correction of prices compared to the last years of increase.

The Life in San Francisco

Life in San Francisco
San Francisco, a small city of California with a land space of 46.87 square miles, and ranked as the 16th most populous city in the United States with a population of 896,047 residents as of early 2020. Hippies got the largest population of the city, while others migrated into the city for the love of tech and fashion, and the strong LGBT movement. The city is highly recognized because of her rare weather condition, mighty buildings, and rolling hills.

Climate and culture in San Francisco
Speaking of the city's weather condition, San Francisco is known for fog. The fog emanates from the cool breezes that blow from the coast of California, thereby providing San Francisco with a natural air conditioning. Therefore, the city is always cold even during the summer.

Likewise, anyone that must live comfortably within her borders must be comfortable with the variation of weather over a short distance meaning that it can be sunny in one part of the city and then foggy moving into the next neighborhood that's just a few kilometers away.

San Francisco is also one of the few cities that accommodate people with different cultural background. From music to art, museum, festival and architecture, all show that this great city was founded to bring about the inter-relation of people from different continent and race. Moreover, it's the leading city on the issue of LGBT acceptance. And because of the city's likeness in cultural diversity as Baghdad, Herb Caen was very convinced to nickname the city "Baghdad by the Bay" in his book of essays.

Tourism in San Francisco
Baghdad by the Bay is just one of the several nicknames gotten by San Francisco. Some also know the city as the Golden City which was inspired by the Golden gate bridge. The Golden gate bridge is the longest suspended bridge in the whole world, linking the city of San Francisco to the northern part of the city and finally to the Marin county over the Pacific Ocean.

Travelling along the bars and curves of this bridge under the canopy of the golden sun is a wonderful experience for all that have undergone it, and the confidence derived afterwards can be likened to the climbing of the Great Wall of China. You can make the trip memorable by walking across it or hiking from one side to the other end. Meanwhile, there are vantage points where you can take photographs and have a view of what the amazing engineering structure looks like. The night is the best time to see the beauty radiating from this great bridge.

The Golden gate bridge is just one of the great structure in the country. There are other architectural masterpieces within the city that worth visiting. Some of these tourist centers and attractions include the Legion of Honor, the palace of fine arts, the California Academy of Sciences, and the San Francisco Museum of Modern Art. Meanwhile, the Golden gate park is a nice place for family picnics and holidays.

Living in San Francisco
As San Francisco is adorable for tourism purpose, so likewise is living in the city. Apart from seeing all these beautiful sceneries every day, San Francisco is a city where you got to choose your kind of neighborhood. There are mainly five districts in the city and a total of 36 neighborhoods with each one having their specialties. In the city are hills and valleys, marinas, Chinese and Indian towns, and many more.

The city is considered to have a good economy. San Francisco has witnessed a continuous drop in the unemployment rate over the past few years, and the city is doing better than the average employment rate in the United States of America. Moreover, the city has also seen a greater increase in job production. And there are chances that there won't be a significant number of unemployed residents in a few years to come.

There is more influx of people into this city because of the huge salaries paid to workers. San Francisco came second to San Jose in the list of cities with the highest average income in 2019. And the average annual income for each resident was calculated to be $69,700. Meanwhile, that of the median household income was estimated to be $96,265 in that same year.

The high cost of living in San Francisco
One of the downs of living in San Francisco is the high-cost living, and unless you have lived in cities like New York, you will find the cost of living in the city very extreme. Every commodity in San Francisco are very expensive, and there is always a huge gap when the price is compared to that of the other cities in the country.

Residents usually stress the expensive cost of renting or buying a house. However, the high cost of the commodity also applies to daily necessities like Coffee, and burgers served in fast foods. The reason for this is said to be because of the huge salaries paid by these companies and restaurants. They must sell their products at high prices to meet up with the city's salary scale.

Housing in San Francisco
The cost of living under a roof in a conducive environment is the most expensive things in San Francisco, and that's the reason why there are as many tents as houses in the city. Meanwhile, the city accounts for a significant percentage of homeless people in the United States. Just in 2019, the number of homeless residents was estimated to be 8035 people, and there has been a continuous increase since 2013.

There are no cheap houses in San Francisco unless if your definition for cheap houses falls between the range of $7,000,000 USD and above (only condos comes at prices of $300,000USD and above). In fact, most of the residents having a shelter over their head are either living with their families, friends, or colleagues in order to share the rent.

According to Zillow, the average housing price for a home in San Francisco is $1.3 million USD. Whereas, that of the median rent price elevated to $3715 in 2020. And that's the reason why you must make an average annual income of $175,000 to live comfortably in the Bay.

Transportation in San Francisco
The best way to avoid frustration is to live in the city without a car. Traffic in the city is nothing but terrible, and for this reason, incoming residents are always advised to choose a neighborhood that's closer to their place of work so that they can make their way there without going through the hectic traffic.