HLC Housing Agenda Blog

Rents increasing, even as home prices falling

Which way is the housing market headed?

It all depends on your city, the type of home, and whether you rent or own.

A story last month by Carolyn Said in the San Francisco Chronicle covered a study by Zillow that illustrated ZIP code illustrated the housing market with a “heat chart” that shows southern San Mateo County continuing to appreciate, with the market cooling off toward the north.

Today the Examiner has a story by Katie Worth on Low-wage earners being forced out of county. The fact is that home sales have slowed with the increasing difficulty faced by borrowers to get financing. As a result, rents have gone up as more people stay in the rental market and compete for the limited supply:

“Bruce Hamilton, executive director of the nonprofit HIP Housing [and president of HLC’s Board of Directors], said his program is finding that low-wage earners are getting hit hard.”

HLC advocates for the creation of homes at all affordability levels. A more balanced market would provide opportunities for homes that people who work and grow up in San Mateo County can afford to own or rent at various stages of life, from just starting out through raising a family to retirement.