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- San Francisco is one of the wealthiest and most expensive cities in America.
- San Francisco‘s high cost of living is due to its booming tech industry and proximity to Silicon Valley.
- The Bay Area could become even more expensive if tech IPOs go public this year, causing an influx of millionaires.
- Visit BusinessInsider.com for more stories.
Home to tech workers, a public poop problem, and a high cost of living, San Francisco is in a league of its own.
The city ranked as one of the places with the top economies, according to an analysis of local economies in the US’s 40 largest metro areas conducted by Business Insider. San Francisco’s close proximity to Silicon Valley, considered the tech center of the world, has caused the city to become one of the wealthiest cities in America.
But that’s resulted in an expensive life for Bay Area residents, including a housing crisis where most can’t afford homes.
The cost of living could get even worse if several tech IPOs go public as planned in 2019, making San Francisco home to thousands of new millionaires by year’s end, Nellie Bowles of The New York Times reported.
Here are 13 mind-blowing facts that show just how expensive San Francisco really is.
1. The Bay Area is home to more wealthy people than any other of the most populous US metro areas, according to the US Census.
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The median household income in San Francisco brings in $98,710 — around 63% more than the national median household income of $60,336.
The city has the third highest number of billionaires in the country thanks to its technology sector, according to Wealth-X’s 2019 Billionaire Census report.
2. The typical rent in San Francisco exceeds $4,000 — more than 2.5 times the typical national rent.
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The median rent price in the US is $1,700. In San Francisco, it’s $4,506. San Francisco is also the most expensive city in the US to rent a two-bedroom apartment.
Even co-living spaces, created for affordability, run $1,900 a month for a room with a bunk-bed, reported Business Insider’s Katie Canales.
3. The typical price of homes listed in San Francisco is $1.3 million — 4.4 times the typical national price of homes listed.
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The national median price of homes listed is $289,900.
San Francisco is the US city with the most million dollar homes — 81% cost $1 million or more, according to a Trulia report.
San Francisco’s housing market is so dire that nearly half of its residents said in a 2018 Bay Area Council advocacy group survey that they plan to move away soon.
Single-family homes could cost as much as $5 million in five years, Nellie Bowles of The New York Times reported.
See the rest of the story at Business Insider
See Also:
- A California estate once belonging to former President Richard Nixon is on the market again for over $17 million less than its original price — here’s a look inside the 9-bedroom, 14-bath estate known as the ‘Western White House’
- 7 ways millennials are changing marriage, from signing prenups to staying together longer than past generations
- Americans think they need more than $2 million to be considered wealthy, but that’s nothing compared to what residents in San Francisco say
Source: Business Insider – hhoffower@businessinsider.com (Hillary Hoffower)