Most sources are indicating that the entire Bay Area is moving well into a buyers\u2019 market, although that\u2019s not to say there is anything like a glut of unpurchased homes. That\u2019s Buyers\u2019 Market as opposed to Renters\u2019 Market.<\/p>\n
\u00a0<\/strong><\/strong><\/p>\n On the contrary, the shortage of housing in San Francisco and in the wider Bay remains acute, and as such, renting has actually gotten far more expensive than simply buying. That can seem like bad news for renters especially if you\u2019re not ready to buy. If you are looking to buy, you should know that Contra Costa county homeowners have actually seen a good ten percent return on home values.<\/a><\/p>\n \u00a0<\/strong><\/strong><\/p>\n As is often the case, what\u2019s good news for buyers is not necessarily good for those struggling to pay the rent.<\/p>\n \u00a0<\/strong><\/strong><\/p>\n San Francisco is indeed now more expensive than New York City for renting a home and the bright shining star in all of the Bay Area is still Contra Costa county. Homes are still much more affordable, and they\u2019re bigger, too. If you\u2019re not buying then renting in Contra Costa or Alameda Counties is often the very best option left in what has returned to being a very hot home-buying market.<\/p>\n \u00a0<\/strong><\/strong><\/p>\n In short, rental prices are up across the Bay Area simply because all housing prices are again at historical highs. That\u2019s true on all sides of the Bay. It\u2019s been a long ride since the crash of 2008, but foreclosures and even delinquencies are back down. The way real estate people look at it, it\u2019s simply cheaper to buy a home than to rent. In a rental home you\u2019re always going to be paying more than you would pay on the mortgage and upkeep for a purchased home. That\u2019s what the picture looks like in 76 percent of US counties according to the Associated Press<\/a>. \u00a0<\/a><\/p>\n \u00a0<\/strong><\/strong><\/p>\n So what should you do?<\/b><\/p>\n \u00a0<\/strong><\/strong><\/p>\n The short answer is to save up that ten percent down payment and get in as a buyer. You could also move to Chicago or Minneapolis where rents remain actually cheaper than the homes for sale in those markets, but for most folks that\u2019s going to be out of the question.<\/p>\n \u00a0<\/strong><\/strong><\/p>\n If hauling off to a different metro area is not realistic then consider some of the more affordable locations in and around Contra Costa or Alameda Counties. Both offer some very good rental options, and even if you\u2019re losing some money by renting, you\u2019re still going to be able to put something aside to eventually buy.<\/p>\n