San Francisco is one of the few cities in the US where the cost of owning a car has been reduced to a fraction of what it once was.
The city’s affordability is one reason why the number of cars on the road is growing, and in the past year it has surpassed the US as the world’s most expensive city to live in.
San Francisco was one of 20 cities surveyed by Bloomberg New Energy Finance to find out how the city’s housing market was performing.
In May 2017, the city ranked as the sixth most expensive in the world for renters, ahead of New York, London, Paris, Berlin, and Tokyo.
In April 2018, San Francisco surpassed New York as the most expensive major city in the United States.
This is largely due to its cost of living.
The average monthly rent in San Francisco, according to a survey by San Francisco Renters Alliance, is $1,500.
The median monthly income for renter households in the city is $75,000.
The rent in the luxury market is $2,600, while the median income for owner-occupied households is $68,000, according the Bloomberg survey.
A rental in San Franciscos median rent in May 2017 was $1.25 million, up from $1 million in April 2018.
But San Francisco has one major catch: the average monthly cost of a car is now cheaper than renting a car.
The price of a used car in the San Francisco area is now $1 per kilometre, compared to $2 per kilometres in Los Angeles, where it was $3.50 in April 2017, according Bloomberg.
Renters in San Francisco were more likely to own a car in April than they were in April 2020, when a car was a more common choice for people in the area.
The gap in car ownership rates between May 2017 and April 2018 was the biggest since the 1970s.
The most recent data from the National Household Survey, which is conducted by the US Census Bureau, shows that the average rent for a car rose by 7% in SanFrancisco in May 2018, compared with a 5% rise for renters.
A car in SanFrancisco can be rented for $1 a kilometre or $2 a kilometer.
However, car owners are now also more likely than renters to own their own cars.
The data shows that in the last three months of 2018, renters owned almost half of all new cars sold in SanFrisco, while owners owned about half of those vehicles.
Ownership of a rental car in May 2020 was up 14% compared to May 2017.
However in May 2019, renter ownership was down 8%.
In the last year, reners have been the biggest buyers of cars in San Francescos market, buying more than twice as many cars as owners.
“Renters are using a lot more cars,” said Laura Vazquez, a senior vice president at the San Francisco Renters’ Alliance.
“We’re seeing a trend in renters buying cars that’s unprecedented.”
The difference in affordability between the luxury and non-luxury market, however, is that the SanFranciscos affordability gap has been narrowing.
“It’s not a huge gap anymore,” said Vazuez.
“For the luxury car, you have to pay $4,000 more than the average renter.”
In May 2018 the average price of an apartment in the wealthy San Francisco Bay Area was $2.5 million, according a survey conducted by Bay Area Apartment Advisors.
In June 2019, the average for a San Francisco rental was $4.75 million.
But in June 2020, the median price for an apartment was down 6% to $3,000 per square metre.
That gap was cut by more than 25% in May 2021, according data from Zillow, a property website that tracks property values.
San Franccos affordability was one reason that the city was able to lower its median rental price by 20% to 25% between April 2018 and May 2019.
“San Francisco is in a different place now than it was last year,” said Jonathan Blaszczak, president of the Renters Union.
“Now the market is a lot healthier.
The cost of renting is very low, the quality of apartments is good, and the rental market is healthy.”
However, the affordability gap between renter and owner in San Friscos market has widened since April 2018 because of rising rents.
In 2017, San Franccas median rent was $8,700, according an survey by the Rentals Union.
In 2018, it rose to $9,100.
That increase was mostly driven by an increase in the cost to buy a home in the Bay Area.
San Frisiscos rent for new properties fell 6% in the month of May to $7,500, according Zillower.
In July 2019, San Frisco renters bought just under half of new homes, compared by just under