To Rent, or to Buy, That is the Question
Whether you’re searching for an apartment moving company to make a swift move from San Diego to Silicon Valley to take a position with a blossoming startup; or you’re pricing out movers and packers because you’re heading to San Francisco to move in with your fiancée, you’re struggling with the “rent or buy” conundrum.
There is good news: you’re not alone.
San Francisco housing and rental prices are among the steepest in the entire nation. San Francisco Weekly recently gave the city the dubious distinction of “second least affordable city in the nation,” noting that Bay Area residents spend nearly 50% of their income on rent. The average for the rest of nation is about half that. San Jose and Oakland are also much less affordable than the average city.
In choice areas in the city, it’s not uncommon to pay $7,500 a month for a two-bedroom rental or $4,000 for a studio on places like Market Street. Of course, even given these steep prices, you might still rent if:
- You lack the wherewithal to (comfortably!) afford a home;
- You lack a stable income source or a desire to stay in the region for many years;
- You’re just testing out a new job.
Of course, you do not need to make such a huge decision in a vacuum. Work with a financial planner to understand your risk profile and to explore financing options given your income, your life and work goals, and where you want to live in the Bay Area.
Tips from a professional movers:
- Search for apartment rentals on Fridays. Look early in the afternoon, when the most active listings will be up.
- Browse in the late fall to early winter, because demand drops during this season.
- As you go through your budget, conserve money to afford more house or apartment.