Compared to the Worlds most Expensive Cities, is SF a Bargain?
With real estate prices reaching an all time high in San Francisco and the greater Bay Area, this post may come as a shock to some. However – in reality, compared to most of the world’s most expensive cities (think Dubai, Paris, London, etc.), San Francisco is actually quite the bargain. Which is why we are seeing so much money coming in from all over the globe.
Prices for 1 bedroom condos and lofts being over 1 Million is now the norm. If you want to buy a decent condo for yourself in SF, you will spend a pretty penny. And after just moving here from Orlando, Florida last year (working for RE/MAX – yeah, yeah, I know!) if I told you what 1 Million buys you there – you wouldn’t be so thrilled with your 700 square foot loft with no parking! All that being said, there is a price to be paid for living in one of the most desirable cities on planet earth.
Forbes magazine took everyone in SF by surprise when it published it’s list of the world’s most expensive cities – and San Francisco wasn’t even on the list! So when you are ready to buy in SF – consider the top Noe Valley real estate team!
Believe it or not but Luanda, Angola is the most expensive city in the world! 2nd = N’Djamena, Chad, 3rd = Hong Kong, 4th = Singapore. So while you think paying 4-5k for your nice 2 bedroom apartment is a lot – in Hong Kong, you would be paying 7-8k USD. So take a breath and thank your lucky stars that you indeed live in SF.
Even NYC isn’t in the top 10 – it comes in at #16 – but only after London, Beijing, Seoul, and Copenhagen.
Mercer – an employment consulting firm – created this list to help companies determine proper and compensate allowances for their employees abroad. Mercer measured the cost of living in 211 cities across the world to come up with their list.
So where DOES SF rank on the list? It comes in all the way down at #74 – and #3 among cities in the United States (after LA and NYC of course!).
Mercer stated that due to the relative stability of US fiat (money) – San Francisco jumped up 18 spots on the list compared to last year while NYC only jumped 6. So in terms of fast paced growth – you can expect SF to keep climbing. For those thinking about buying – this is good news. For once, you can tell your friends and family that SF isn’t that expensive – compared to worldly cities like London and Paris! Contact the best Noe Valley real estate team today to discuss a purchase in our neighborhood.