By Robert M. LefkowitzAssociated PressThe average annual pension costs of owning an apartment in San Francisco rose by $1.10 per month to $1 ,200 over the past year.
That’s about 1% of the median monthly rent in the city.
But the cost of renting is much higher.
The average rent in San Franciscans median-priced rental home jumped by almost a third to $2,700.
The annual cost is higher still, at $2.26 per month.
Renting for the average homeowner in San Diego jumped to $3,600 over the same period.
The annual cost for owning a house is $5,400, while the annual cost to rent a one-bedroom apartment is $1 per month, according to an analysis by RealtyTrac.
The price to rent in Oakland was about the same, but the average cost for renting a two-bedroom condo was $3.70 per month more.
Homeowners in Phoenix also have the option to buy and rent, with the median rent increasing from $1 to $7 per month over the last 12 months.
Home owners in San Antonio are eligible for a tax credit worth up to $50,000 for buying a house, and the median income in San Marcos is $56,300.
Renters in the Bay Area are among the least affordable, with median rents in the San Francisco area rising only 2% over the year to $934 per month in March.
The median rent in Santa Clara County, where San Jose is located, is $872 per month; the average rent is $2 per month higher.
Rents in the Seattle metro area have been steadily increasing since 2012, but now average rents in that area are almost double those in the same area in San Jose.
The rent increase is a major factor in the metro area’s unemployment rate.
Home prices in the West have jumped about 25% since the 2008 financial crisis, when housing prices were about half the levels they are today.
But the housing market is expected to remain relatively stable through the next several years.