The rising cost of living in San Francisco is catching up with the bay area. It’s the worst kept secret that San Fran has a high cost of living. However, San Francisco inflation is here, and according to a new report by the Bureau of Labor and Statistics, the numbers aren’t good.
San Francisco Inflation: A Growing Concern
California has always been an expensive place to live. And while moderate inflation is nothing unusual, the new numbers paint a poor picture for the cost of living in the bay area.
According to a new report by the US Bureau of Labor and Statistics, San Francisco inflation now appears to be stuck above 3% a year.
Two major driving factors were the cost of housing as well as gasoline prices which will reportedly hit $4 per gallon this summer. These factors combined make for a cost of living which is among the highest in the country.
Making matters worse, wages in San Francisco have not kept pace with the cost of living increases. Unfortunately, this is not unique to the bay area. However, when combined with the rising cost of living in California, it’s no surprise many residents are fleeing.
Over a five-year period from 2008 through 2012, the Bay Area consumer price index rose at an average of 1.9 percent. From 2013 through 2017, the average annual increase was 2.8 percent, reaching 3 percent in both 2016 and 2017. – Mercury News
There have been two government surveys release in 2018 regarding San Francisco inflation. What these surveys reveal is that inflation rose to an annual rate of 3.4% from February 2017 – February 2018. From April 2017 – April 2018 that rate was 3.2%
The U.S rate as a whole was 2.5% during YoY from April 2017 – April 2018.
Ready to Leave?
About 40% of Bay Area residents would leave if they could. If San Francisco inflation is getting too much to handle, maybe it’s time to try your luck elsewhere? Whether you’re one of those 40%, or just looking for a change of scenery: City vs City can help.
City vs City uses data curated at the zip code level to determine the true cost of living in your city.
Let’s say you live in San Francisco and the cost of living is just too much! How would your expenses change if you were to move elsewhere? City vs City can show you. Check out the video below for a comparison between San Francisco and Washington, D.C.
Once you input your information, City vs City’s patent-pending technology takes over. The app examines after-tax income, housing expenses, transportation costs, state and local taxes, and more.
As a result, you’ll see how your current city stacks up against another city of your choosing. In real estate, it’s all about location, location, location, right? When it comes to cost of living, the same rule applies!
Cost of living varies widely around the country. If you’re stuck living in a city with a high cost, you’d be amazed how big of an impact moving to another city can have.
How big of an impact? Download City vs City today and find out!