Renters in Seattle and San Francisco are struggling to meet housing costs. A new survey from Refin has found that 40% of low-income households in the two cities are rent burdened, meaning that rent payments exceed 30% of their income.
The tech industry is driving the housing affordability challenges in both markets.
In San Jose, housing values have increased 46% to $1.1 million since 2015. In Seattle, housing prices are up 56% to $625,000. The markets also have a similar share of rent-burdened households. In San Jose, 41.3% of households earning 80% of the median-area income were considered rent-burdened, while in Seattle, 42.7% of households in the same category paid more than 30% of their income on rent.
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Kelsi Maree Borland
