The Bay Area housing crisis has reached a tipping point for residents like Greg Wiseman, 35, who recently left his apartment in downtown Walnut Creek because he could no longer afford the cost.
“I work eight hours a day and five days a week and I budget every month, but it still wasn’t enough to stay,” said Wiseman, who is moving to Antioch where he plans to “stay with a friend from college.”
Wiseman’s story isn’t all that unique in a place where young adults and established professionals alike are just trying to stay afloat. Driven by a long-term shortage of housing and rapidly rising costs, the region has become one of the least affordable places to live in the United States.
The Bay Area Equity Atlas found that over 750,000 Bay Area households are currently being affected by the housing crunch. In the past five years, the group reported, around 38,000 people annually have been evicted — forced to live in their cars, move to shelters, or make do out on the streets, where they’ve added to the homelessness crisis.
According to the state Legislative Analyst’s Office, it is now about 30% more expensive for a first-time home buyer shopping for a mid-tier home in California than in the rest of the U.S. Home prices in the state grew rapidly between 2020 and 2022, with costs increasing by about 15% percent per year.
However, since July 2022, home prices have remained relatively stable, the group reported, increasing by just 1% a year.
For people looking to rent an apartment or home, it has also become harder than ever. San Francisco saw its biggest rent spike in one year since April of 2020, jumping a staggering 18% percent. The city currently ranks second and with the most expensive rent in the country behind New York City.
Students like Jason Byrd, 28, who manages a local Safeway, say they are struggling to keep up with rising monthly costs.
“Every year my lease renews for my off-campus apartment and the rent goes up again,” Byrd explained. “I’m currently working full-time and saving money just feels impossible right now.”
His experience is a common one. According to a Silicon Valley poll, nearly half of Bay Area residents report difficulty covering monthly expenses, regardless if they are working full-time, a student working part-time, or even budgeting tightly.
The crisis is also reshaping the future of young adults like Alana Ramirez, 20, who said she has postponed attending college so she can make enough money to move out of her parents’ house.
“I wanted to continue school after high school, but as a senior I wasn’t able to get a scholarship or any type of grants, so I decided to take some time to focus on making money first,” Ramirez said.
She added, “It takes a lot more to be independent nowadays than it used to.”