Cost & Cost &
AffordabilityAffordability
66
Median Sale Price for ThreeMedian Sale Price for Three--Bedroom Home, 1990Bedroom Home, 1990--20002000
Indicator Description:
Trends in for-sale housing costs as
indicated by median price of a three-bedroom home.
Geographic Areas Covered
: City of San Francisco and Bay
Area, including Alameda, Contra Costa, Marin, San Francisco,
San Mateo, Santa Clara, and Solano Counties.
Key Findings:
Ø San Francisco has had consistently higher prices than the
Bay Area overall.
Ø
San Francisco’s median sale price declined slightly in early to
mid-1990s, only exceeding 1990 levels again in 1997.
Ø Between 1990 and 2000, San Francisco median sale prices
increased by over 80%.
Limitations of the Data:
Based on resales as reported by
participating Realtors’ Associations; excludes most new home
sales and some resales.
SF as % of
Year San Francisco Bay Area (a) Bay Area
1990 $299,340 $238,510 126%
1991 $291,600 $241,830 121%
1992 $286,420 $240,120 119%
1993 $275,380 $268,100 103%
1994 $274,690 $237,660 116%
1995 $283,700 $233,280 122%
1996 $288,240 $241,870 119%
1997 $311,240 $266,180 117%
1998 $361,410 $291,780 124%
1999 $409,570 $308,477 133%
2000 $543,059 $414,918 131%
Notes: (a) Does not include Napa and Sonoma Counties.
Sources: S.F. Property Report; California Association of
Realtors; BAE, 2001.
MEDIAN SALE PRICE
3 Bedroom House
3 BR House Median Sale Price
$150,000
$200,000
$250,000
$300,000
$350,000
$400,000
$450,000
$500,000
$550,000
$600,000
1990
1991
1992
1993
1994
1995
1996
1997
1998
1999
2000
Median Sale Price
San Francisco Bay Area
67
Recent Condo & SingleRecent Condo & Single--Family Home SalesFamily Home Sales
Indicator Description:
Recorded full-price home sale prices for
January through September 2001.
Geographic Areas Covered: City of San Francisco.
Key Findings:
Ø Median sales price for all units was $520,000. For condos,
the median was $499,000, and for single-family homes,
$525,000.
Ø Only one percent of sales priced below $200,000 (11 condos
and 13 single family units).
Ø Fifteen percent of sales were for $800,000 or more.
Ø Slightly less than three-fourths of all sales were single-family
homes.
Ø Slightly over one-fourth of all sales were for condominiums.
Limitations of the Data:
Only includes sales for which a sale
price was directly disclosed. Houses that sold more than once
during period are only shown for most recent sale.
Condomium and Single-Family Home Sales
by Price Category, January - September 2001
Condo- Single-Family Combined
Sale Price miniums Homes Number Percent
Less Than $200,000 11 13 24 1%
$200,000 to $299,999 64 57 121 5%
$300,000 to $399,999 123 258 381 16%
$400,000 to $499,999 135 441 576 24%
$500,000 to $599,999 107 368 475 20%
$600,000 to $699,999 82 228 310 13%
$700,000 to $799,999 44 123 167 7%
$800,000 and Above 97 273 370 15%
Total (a) 663 1,761 2,424 100%
Median Sale Price $499,000 $525,000 $520,000
Note (a): Represents all available condominium and single-family residence
sales showing market-rate sales prices from January 2001 through September 2001.
Sources: First American Real Estate Solutions, 2001; BAE, 2001
0
100
200
300
400
500
600
700
Less Than $200,000
$200,000 to $299,999
$300,000 to $399,999
$400,000 to $499,999
$500,000 to $599,999
$600,000 to $699,999
$700,000 to $799,999
$800,000 and Above
68
Median TwoMedian Two--Bedroom Rent, 1979Bedroom Rent, 1979--20012001
Indicator Description:
Rough measure of median rental rate
increases for two bedroom units in San Francisco.
Geographic Areas Covered
: City of San Francisco, as
advertised in San Francisco Chronicle newspaper.
Key Findings:
Ø
Median rent for two bedroom units in San Francisco has risen
steadily since 1979 at a compound annual average rate of
8.1%, for an overall increase of 452% for the period.
Ø In comparison, the Consumer Price Index for the Bay Area
(all items, all urban consumers) during the same period
increased at a compound annual average rate of only 4.8%,
for an overall increase of 178%
Ø Median rent increased an average of $89 annually for the
time period.
Limitations of the Data:
Data represent median of asking rents
(per Chronicle classifieds), which may differ from actual rents
paid by new tenants. Data are not adjusted for inflation or
differences in utility payments. Source of data also not
necessarily systematic or comprehensive (i.e., only from
advertisements, not complete pool of asking rents).
Year Rent Year Rent
1979 $435 1991 $1,000
1980 $475 1992 $990
1981 $525 1993 $965
1982 $595 1994 $1,050
1983 $595 1995 $1,100
1984 $650 1996 $1,350
1985 $750 1997 $1,600
1986 $850 1998 $2,000
1987 $900 1999 $1,995
1988 $850 2000 $2,100
1989 $895 2001 $2,400
1990 $975
Notes: Rent data on two-bedroom units gathered from San Francisco Chronicle classifieds.
Data for 1990, 1991, and 1992 are from first Sunday in January;
all other years from first Sunday in April.
Sources: San Francisco Property Report; BAE, 2001.
Median 2 Bedroom Rent, 1979-2001
$0
$500
$1,000
$1,500
$2,000
$2,500
1979
1980
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990
1991
1992
1993
1994
1995
1996
1997
1998
1999
2000
2001
69
Changes in Gross Rent, 1990Changes in Gross Rent, 1990--20002000
Indicator Description:
Median and distribution of gross monthly
rent in 1990 and 2000. Gross monthly rent includes contract rent
and utilities for heating, cooking, and lighting.
Geographic Areas Covered: City of San Francisco.
Key Findings:
Ø The proportion of units renting for more than $1,000 per
month increased dramatically between 1990 and 2000.
Ø The continued presence of units showing gross rents below
market may be due to both rent control and the presence of
subsidized units, e.g., public housing.
Ø The median gross rent has seen an increase of
approximately 10% after adjusting for overall inflation,
indicating a real increase in occupancy costs.
Limitations of the Data:
1990 data based on an approximately
one in six sample. Estimates for 2000 from the Census 2000
Supplementary Survey
, and are based on a limited sample. More
complete data from the larger sample used in the Census itself
not yet available. See Appendix for detail on the Census 2000
Supplementary Survey. Data for 1990 and 2000 represent all
rental units, including subsidized housing and rent-controlled
units.
Distribution of Gross Rent, 1990 and 2000
Gross Rent (a) 1990 2000
Less than $200 5.3% 2.9%
$200 to $299 4.9% 3.3%
$300 to $499 19.4% 8.6%
$500 to $749 31.7% 15.7%
$750 to $999 23.0% 20.4%
$1,000 and over 13.6% 47.1%
No cash rent 2.2% 1.9%
Total (c) 100.0% 100.0%
Median Rent $653 $977
Median Rent (2000 $) $888
(d)
$977
Note:
(a) Based on specified renter-occupied housing units, which excludes single-family
houses on 10 or more acres.
(b) Estimate.
(c) Total unit counts may vary from other sources due to sampling error.
(d) Based on Bay Area All Urban Consumers Price Index. Inflation factor = 1.36
Sources: 1990 U.S. Census STF3; Census 2000 Supplementary Survey; U.S.
Bureau of Labor Statistics, 2001; BAE, 2001.
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
1990 2000 (b)
Percent of Renter Households
No cash rent
$1,000 and over
$750 to $999
$500 to $749
$300 to $499
$200 to $299
Less than $200
70
Average Monthly Rents, 1999Average Monthly Rents, 1999--20012001
Limitations of the Data:
Data from RealFacts, Inc., based on a
survey of 14,753 San Francisco rental units in 37 buildings of 50
or more units. As such, the information may not be
representative of market-rate rents for all unit types and
neighborhoods in San Francisco.
Geographic Areas Covered: City of San Francisco.
Indicator Description:
Average monthly rents from 1999
through 3
rd
Quarter 2001 based on a survey of large multifamily
rental properties.
Key Findings:
Ø
The upward trend in rents has abated in 2001, as the regional
and national economy slow down.
Ø While slightly below 2000 levels, rents are still substantially
above 1999 levels.
Ø The average rent for 2001 for all units surveyed is just above
$2,100 monthly.
Ø
2001 average monthly rents range from $1,505 for a studio to
$4,397 for a 3-bedroom townhouse.
Average Rent
1999-2000 2000-2001
Unit Type 1999 2000 Change 2001 Change
Studio $1,252 $1,546 23.5% $1,505 -2.7%
1 BR/1 BA $1,604 $2,042 27.3% $1,989 -2.6%
2 BR/1 BA $1,658 $2,328 40.4% $2,309 -0.8%
2 BR/2 BA $2,047 $2,710 32.4% $2,601 -4.0%
2 BR Twnhse $3,725 $4,222 13.3% $3,912 -7.3%
3 BR/2 BA $2,334 $3,255 39.5% $3,230 -0.8%
3 BR Twnhse $3,832 $3,942 2.9% $4,397 11.5%
All $1,680 $2,187 30.2% $2,127 -2.7%
Sources: RealFacts, Inc.; BAE, 2001.
Average Monthly Rent, 1999-2001
$1,680
$2,187
$2,127
$0
$500
$1,000
$1,500
$2,000
$2,500
1999 2000 2001
71
Gross Rent as a Percentage of InGross Rent as a Percentage of Income, 1990come, 1990--20002000
Limitations of the Data:
1990 data based on an approximately
one in six sample. Estimates for 2000 from the Census 2000
Supplementary Survey, and are based on
a limited sample. More
complete data from the larger sample used in the Census itself
not yet available. See Appendix for detail on the Census 2000
Supplementary Survey. Data for 1990 and 2000 represent all
units, including subsidized housing and rent-controlled units.
Key Findings:
Ø
In 1990, slightly more than half of renter households paid less
than 30% of their income for rent, suggesting that these units
were affordable to these households.
Ø In 2000, 35% of renter households paid 30% or more of their
income for rent, a rent burden level greater than that usually
considered “affordable.”
Ø
The overall distribution in 2000 showed some improvement in
the affordability picture, with a decrease in the proportion of
households with high housing costs relative to income, and a
significant increase in the proportion paying less than 20% of
their income to gross rent.
Geographic Areas Covered: City of San Francisco.
Indicator Description:
Compares gross rent paid to renter
household income. This indicator (often called rent burden or
housing cost burden) is one measure of affordability, with not
more than 30% of household income paid toward gross rent
considered the appropriate affordable amount.
Gross Rent as % of Household Income, 1990-2000
Gross Rent as Percent % of All Renter Households
of Household Income 1990 2000
Less than 20% 26.0% 35.5%
20 to 24% 14.2% 14.3%
25 to 29% 12.9% 11.6%
30 to 34% 8.9% 8.8%
35% or more 33.7% 26.2%
Not computed 4.1% 3.5%
Sources: 1990 U.S. Census, STF3; Census 2000 Supplementary Survey;
BAE, 2001.
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
1990 2000
Percent of All Households
Not computed
35% or more
30 to 34%
25 to 29%
20 to 24%
Less than 20%
72
Housing Cost Burden by Rent Control StatusHousing Cost Burden by Rent Control Status
Indicator Description:
Comparison of housing costs as percent
of income for households (housing cost burden) in rent controlled
units and market rate units in 1998.
Geographic Areas Covered: City of San Francisco.
Key Findings:
Ø There appears to be no significant difference between the
housing cost burdens of households in rent controlled and
market rate units.
Ø Over one-third of households in each unit type have housing
costs that are less than 20% of income.
Ø Approximately one-fourth of households in each unit type
have housing costs that are 35% or more of income.
Limitations of the Data:
AHS sample size is relatively limited
(609 rent controlled units and 331 market rate units) and
weighted based on 1990 census data, leading to potential margin
of error.
Housing Cost Burden by Rent Control Status
Rental Unit Type
Gross Rent as Percent Rent Controlled (a) Market Rate (a)
of Household Income Number Percent Number Percent
Less than 20% 63,800 44% 9,000 39%
20 to 24% 15,700 11% 2,800 12%
25 to 29% 12,900 9% 2,000 9%
30 to 34% 9,300 6% 1,000 4%
35% or more 40,100 28% 6,500 28%
Not computed/No cash rent 3,700 3% 1,700 7%
Total 145,600 100% 23,000 100%
Median Housing
Cost Burden 21% 21%
Notes:
Totals may not add due to independent rounding. Numbers should be considered
in light of potential sampling error of weighted sample. Sample size = 895
rent-controlled units and 265 market rate units.
(a) See Appendix for methodology regarding how units were typed as rent
controlled and market rate. Rent controlled excludes units subject to eviction
control only.
Source: BAE, 2001, based on microdata analysis of the
1998 American
Housing Survey for the San Francisco Metropolitan Area, from the U.S.
Department of the Census.
Less than 20%
20 to 24%
25 to 29%
30 to 34%
35% or more
Not computed/..
Market Rate
0%
5%
10%
15%
20%
25%
30%
35%
40%
45%
Percent of HH in Category
73
Housing Cost Burden by Age for Rent Controlled UnitsHousing Cost Burden by Age for Rent Controlled Units
Indicator Description:
Percent of household income paid for
gross rent (includes utilities) by age category, for rent controlled
units only, 1998. Percentage of income paid for gross rent (often
referred to as rent burden or housing cost burden) is one
measure of affordability, with not more than 30% of household
income paid toward gross rent considered the appropriate
affordable amount.
Geographic Areas Covered: City of San Francisco.
Key Findings:
Ø There is considerable difference between the rent
burdens of different age groups in rent controlled
units.
Ø Elderly renters in most places tend to have higher
rent burdens than other renters, and this pattern
holds for San Francisco’s rent controlled units. The
median rent burden of elderly renter households is
39%, well over the threshold of affordability.
Ø The age group with the lowest rent burden is the 25
to 34 age group, with a median rent burden of 16%.
Limitations of the Data:
1998 American
Housing Survey sample size is relatively
limited (895 rent controlled units and 265
market rate units) and weighted based on
1990 census data, leading to potential
margin of error. See Appendix for
methodology for classification as rent
controlled or market rate units. Note that
some units do not fall in either category
(e.g., public housing), and are not shown
here.
Median Rent Burden by Age for Rent Controlled Units, 1998
Under 25
25-34
35-44
45-54
55-64
65 and Older
Household Income
Number
%
Number
%
Number
%
Number
%
Number
%
Number
%
Less than 20%
5,100
30%
26,900
59%
14,700
44%
10,200
45%
3,600
36%
3,000
19%
20 to 24%
2,300
14%
3,900
9%
4,100
12%
3,400
15%
1,000
10%
1,100
7%
25 to 29%
1,800
11%
2,800
6%
3,600
11%
2,300
10%
1,400
14%
1,000
6%
30 to 34%
900
5%
2,300
5%
2,800
8%
1,700
7%
500
5%
1,100
7%
35% or more
5,900
35%
8,400
18%
7,200
22%
5,100
22%
3,200
32%
9,900
62%
Not computed/No cash rent
1,000
6%
1,300
3%
700
2%
200
1%
300
3%
-
0%
Total 17,000 100% 45,600 100% 33,100 100% 22,900 100% 10,000 100% 16,000 100%
Median Rent Burden (a)
26%
16%
21%
21%
25%
39%
Notes:
(a) Limited to households paying cash rent.
Sample size too limited to provide crosstabulated data for market rate units. Totals may not add due to independent rounding. Numbers should be considered
in light of potential sampling error of weighted sample. Sample size = 895 rent-controlled units and 265 market rate units. Reflects 1997 incomes of 1998
households. See Appendix for methodology regarding how units were typed as rent controlled and market rate. Rent controlled excludes units subject to
eviction control only.
Source: BAE, 2001, based on microdata analysis of the
1998 American Housing Survey for the San Francisco Metropolitan Area
, from the U.S. Census Bureau.
0%
5%
10%
15%
20%
25%
30%
35%
40%
45%
Under 25 25-34 35-44 45-54 55-64 65 and
Older
Median Percent of Income to Gross Rent