Forty-two and one half percent of SF renters are cost-burdened, compared to 51.8% national average, study shows.
Apartment List recently analyzed Census data from 2007-2014, to see which cities and states have the most cost-burdened renters (those spending more than 30% of their income on rent). Nationwide, 52% of renters are cost-burdened, up from 24% in 1960 and 38% in 2000, but the numbers vary depending on city and state.
Here are some of the highlights from their report:
1. The share of cost-burdened renters in San Francisco decreased from 42.7% in 2007 to 42.5% in 2014
2. The share of cost-burdened renters in the US rose from 49.3% to a high of 53.4% in 2011 – an increase of 1.7 million renter households. It has fallen a bit since then, to 51.8% in 2014.
3. Surprisingly, San Francisco, Seattle, Denver, and Austin performed relatively well – incomes have largely increased in line with rent growth.
4. Miami, Detroit, and Los Angeles were among the worst performers in our study, with more than 60% of cost-burdened renters.
They have data for 50 states, 454 cities, and 922 counties across the United States, so feel free to reach out if there is specific data that you are interested in seeing.
The way I see it, if you plan on staying in San Francisco for a long time, figure out a way to buy, not rent.