If you’re considering relocating within the US, it’s natural to think about the culture, landscape and lifestyle of the west coast. The San Francisco area, specifically, draws many transplants because of its proximity to gorgeous nature (hello, Napa Valley!) and incredible jobs.
Considering supply and demand, it makes sense that the demand of this area has resulted in a notoriously high cost of living for San Franciscans: according to Redfin, the average cost of a home was $1.35M in November 2022. While high mortgage rates affect the whole country, the already-high cost of housing in San Francisco is especially impacted.
It’s no surprise that living in the Bay Area is expensive; this isn’t a new dynamic. That said, in addition to high housing costs, inflation continues to contribute to a rising cost of living in this region.
San Francisco Inflation
This year, specifically, residents of San Francisco can expect to pay $4,400 more annually for major goods and services, according to the San Francisco Chronicle. Households in the area already pay an average of $91,700 on those goods and services annually (data from 2019 – 2020).
While inflation has a nationwide impact, controlling your housing costs is one of the best ways to adjust for a higher cost of goods and services. According to Payscale, the median home price in Chicago $613K – less than half of San Francisco.
While the Bay Area can offer sunnier skies than Chicago, the Windy City offers culture and world-renowned museums, nationally-known sports teams and – juxtaposed to California’s infamous traffic – an efficient and expansive public transportation system.
Our Luxury Living team would love to tout the benefits of Chicago while helping you find your dream home here. Reach out to one of our agents to get started.
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