Tech Cities See Rise in Rent and Residential Costs

If you rent in Seattle, your pockets have certainly felt the rise in rental rates over the past few years. According to a report by Trulia, so have renters in other large tech cities. After dissecting housing reports Trulia found that prices were generally 82% higher in big tech hubs compared to other large metro cities. While engineers and and highly paid coders are well paid in the industry, the cost of living increase is still making it difficult to afford to live in these cities and bridge the affordability gap. According to the report, 48% of homes listed in these tech cities were affordable to the middle class based on the median household income, compared to 63% listed in other metro areas.
There are also huge variances even in affordability among the big tech hub cities: 14% of homes in San Francisco compared to over 60% in Washington DC and Raleigh. The big year over year increases in asking price were up in the top 10 tech cities, with a high rise of 24.4% in Oakland, and a low of 6.5% in Raleigh. Seattle’s asking price was up 16.6%, which was above that is San Francisco and San Jose. The rise in rent has also been prevalent in these tech hubs, with a standard 2 bedroom renting for over 37% more than in metro cities, and a year over year rise in Seattle has seen a 9.2% increase. If you’re looking for affordable housing in the Seattle area, contact your local real estate agent today.