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Many people are starting to look at the rental market as the Bay Area starts to come back from the coronavirus.
The market has been at the lowest level the region has seen in years, but many wonder how long will it last? Some just-released numbers give an indication as to how the market will perform in the future. Download our mobile app for iOS or Android to get the latest breaking news and local stories.
San Francisco-based Zumper helps people searching for an apartment find their new home. The company said Bay Area rents stalled after steep drops during the pandemic by nearly 25% in San Francisco, which significantly brought down prices.
Urban Flight During Pandemic Made Rent Less Affordable Across US zerohedge.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from zerohedge.com Daily Mail and Mail on Sunday newspapers.
In local real estate markets all across the United States, the average listing price for homes are soaring, with the supply of homes coming on the market at historic lows, as low mortgage interest rates continue to increase the purchasing power for potential buyers.
Many owners are finding themselves in a predicament about whether to stay put in their homes, or compete in the scorching real estate market to realize the gains from the increasing equity in their homes and purchasing anew before mortgage rates increase from their historic lows.
With property taxes likely to increase due to recent shortfalls in county and municipal governments due to the coronavirus pandemic, and the recent revaluation from the tax authorities in places such as Wake County and Orange County, homeowners are starting to feel the squeeze.
Pandemic migration made rent less affordable across the U.S. By Noah Buhayar, Bloomberg News
Published: April 8, 2021, 8:25am
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They fled Seattle for Tacoma, San Francisco for Sacramento and New York City for Kingston.
As people relocated during the pandemic, median rents plunged in pricey, more-affluent U.S. counties and soared in cheaper ones where residents tend to earn less, according to a new report by Zumper, one of the country’s largest online apartment rental services. The broader implication is that affordability likely declined nationwide.
Take King County, Washington, which includes Seattle and its suburbs and has a median income of about $102,600 – among the highest in the nation. Average rents for a one-bedroom apartment there sank 15% on average from February 2020 through the same month this year, data from Zumper show. Meanwhile, nearby Pierce County, home to Tacoma and with a median income of around $79,200, saw rents climb 21%.