SAN FRANCISCO, Feb. 13, 2018 /PRNewswire/ -- Renters who
make San Francisco's median income
and want to live alone need to look at least 65 miles outside the
city for affordable housing, according to a new
HotPads® analysis.
In the city of San Francisco,
the median rent for a one-bedroom apartment is $3,380 a month. That means renters who make
San Francisco's median income
($51,780 a year)i and want
to live in a one-bedroom apartment would need to spend about
78 percent of their income on rent, far beyond the 30 percent
recommended by experts.
Staying within the guidelines of 30 percent of income going
toward rent, the closest option for renters who want to live alone
is Dixon, Calif., over a 65-mile
drive northeast of San Francisco.
The median rent for a one-bedroom apartment in Dixon is $1,150
a month. The 65-mile drive from Dixon to San
Francisco can take between an hour and an hour and twenty
minutes without traffic, one way.
"Living alone is a dream for many renters, but San Francisco's rent prices make it difficult
for the typical renter to afford such a luxury without blowing
their budget," said Douglas Pope,
co-founder and general manager of HotPads. "The nearest place
renters making the median income can afford to live alone is closer
to Sacramento than it is to
San Francisco. This means renters
who prioritize having an apartment to themselves may need to make
significant tradeoffs when choosing a location, which can include
grappling with a long commute."
While living alone within San
Francisco's city limits is unaffordable for anyone making
the city's median income, some neighborhoods in the city are
slightly more affordable than others. Single renters determined to
live alone within city limits can find the most affordable
neighborhoods near the central area of the city, west of the urban
core.
Many of the most affordable neighborhoods for single renters –
including the Tenderloin, Downtown, Nob Hill and Lower Pacific
Heights – are just west of the Financial District, making them
convenient for commuters looking for an affordable rental close to
work and nightlife in SoMa. However, even in the Tenderloin, where
the median rent for a one-bedroom is $2,464 a month, renters making the city's median
income can still expect to spend over 57 percent of their paycheck
on rent.
For singles who want to live alone and enjoy the outdoors,
neighborhoods bordering the west side of Golden Gate Park, like
Inner Sunset, Haight-Ashbury, and Inner Richmond, are also slightly
more affordable than the city of San
Francisco as a whole. Renters in these neighborhoods can
expect to spend about two-thirds of their income on a one-bedroom
apartment.
HotPads is a Zillow Group-owned apartment and home search
platform for renters in urban areas across the United States. For more information on
San Francisco's rental market,
visit HotPads.com.
Rental
Affordability for Singles near San Francisco
|
|
City
|
Miles from
San Francisco
|
Median One-
Bedroom Rent
|
Share of San
Francisco's
Median Income Spent on
Rentii
|
Dixon
|
66
|
$1,150
|
26.7%
|
Concord
|
31
|
$1,695
|
39.3%
|
Hayward
|
27
|
$1,864
|
43.2%
|
Richmond
|
18
|
$2,074
|
48.1%
|
Oakland
|
12
|
$2,100
|
48.7%
|
Fremont
|
38
|
$2,200
|
51.0%
|
Daly City
|
10
|
$2,300
|
53.3%
|
Berkeley
|
14
|
$2,400
|
55.6%
|
San Mateo
|
20
|
$2,500
|
57.9%
|
San
Francisco
|
0
|
$3,380
|
78.3%
|
Rental
Affordability for Singles in San Francisco, by
Neighborhood
|
|
Neighborhood
|
Median One-
Bedroom Rent
|
Share of Median
Income
Spent on Rentiii
|
City of San
Francisco
|
$3,380
|
78.3%
|
Tenderloin
|
$2,464
|
57.1%
|
Downtown
|
$2,698
|
62.5%
|
Inner
Sunset
|
$2,795
|
64.8%
|
Nob Hill
|
$2,800
|
64.9%
|
Haight-Ashbury
|
$2,863
|
66.3%
|
Inner
Richmond
|
$2,873
|
66.6%
|
Noe Valley
|
$2,980
|
69.1%
|
Twin Peaks
|
$2,995
|
69.4%
|
Lower Pacific
Heights
|
$3,047
|
70.6%
|
Telegraph
Hill
|
$3,100
|
71.8%
|
HotPads
HotPads is an efficient rental search platform for urban areas
across the United States, with
features designed for competitive markets such as map-based search,
real-time notifications and detailed information on landlords and
property managers that help renters spend less time searching and
more time feeling excited about their next home.
Launched in 2005, HotPads is based in San Francisco and is owned and operated by
Zillow Group, Inc. (NASDAQ:Z and ZG).
HotPads is a registered trademark of Zillow, Inc.
i Bureau of Labor Statistics, median annual income
for the city of San Francisco
ii Based on the city of San
Francisco's median income from the Bureau of Labor
Statistics ($51,780 annually)
iii Based on the city of San
Francisco's median income from the Bureau of Labor
Statistics ($51,780 annually)
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SOURCE HotPads, Inc.