Home prices inch up; rents rise, sales ebb / High costs — and interest rates — cause more people to hit ‘the affordability wall’
From Sunnyvale to Walnut Creek, apartment shoppers are finding rental properties are harder to come by — and more expensive.
The average for a one-bedroom apartment in the Bay Area climbed nearly 7 percent, to $1,218, according to a quarterly report by RealFacts. In Silicon Valley, where the fallout from the dot-com blowout drove rents down by about 30 percent, the average rent ticked up 9 percent to $1,259 amid a strengthening economy and improving corporate profits.
The average mortgage payment Bay Area buyers committed to paying in June was $3,183, DataQuick said.
Will the rent/mortgage price ratio finally hit 1? Time will tell!