According to this affordability report from AppFolio, rents in San Francisco have dropped 2.3% compared to this time last year.
That’s right: San Francisco rentals are now more affordable than New York, L.A. and Miami, with workers in the South Florida city needing to spend 54 percent of their incomes on rents, versus 46 percent in S.F. The affordability calculations are based on the percentage of average monthly household income put toward the average monthly apartment rent, which is currently around $3,200 for a one-bedroom in S.F. (Check out the slideshow above to see what you can get around that price.) – SF Gate
Another recent study listed as SF as the fourth most “unaffordable” city in the country. With San Jose being the most unaffordable due to the $1.1 million median home price.
Only 3,600 new units were added in SF last year, which has contributed to the drop as supply is catching up to demand.
For more head to SF Gate.