New numbers from the Census Bureau indicate that 55,000 people moved out of San Francisco in a single year during the COVID-19 pandemic.
More people say they're moving for quality of life reasons and because their dollar can go much further elsewhere.
"Median prices here in San Francisco are still well over $1 million," said Ho. "A single family house will go anywhere from $1.6 million to $2 million on average. And a condominium isn't too far behind." "The last time interest rates were where they are at now, the prices were at half of where they are right now. As interest rates go up, affordability becomes even more of a challenge for folks," Ho added."We are seeing lots of qualified folks leave and people who would otherwise stay here. There are plenty of folks who want to take their places. But the mortgages rates being $500 to $1000 more than before, it's just too much for people to bear.
Earlier this year, Ho said when clients would leave, it would take a week or two to sell their home. Now, he says it's taking a month or more.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
NYPD, New York lawmakers introduce new app to help protect transgender youthIn honor of National Coming Out Day, New York lawmakers and the NYPD announced a plan to protect transgender youth.
Read more »
CNN’s new morning show has a name and a start date, three new hostsCNN says it will debut its new morning show on Nov. 1, before a new set is even built but with a new name, to get it in front of viewers a week before the midterm election.
Read more »
Federal appeals court rules New York's new gun laws temporarily remain in effectBREAKING: A federal Appeals Court has temporarily stayed a ruling by an upstate judge that overturned parts of New York's new gun laws. The ruling granted the state AG's motion until a three-judge panel of the Appeals Court can hear the entire case.
Read more »
NYPD, New York lawmakers introduce new app to help protect transgender youthIn honor of National Coming Out Day, New York lawmakers and the NYPD announced a plan to protect transgender youth.
Read more »
New York's new concealed carry law can remain in effect for now, court rules | CNN PoliticsA federal appeals court has agreed to let New York's concealed gun law remain in effect until a three-judge panel weighs in on a court ruling that blocked parts of the restrictive gun measure.
Read more »
Appeals court says New York can enforce controversial new gun laws — for nowSweeping new state gun-control laws can stay in place for now, while a federal legal challenge plays out, an appeals court said.
Read more »