Housing markets in general are linked to a variety of national variables: interest rates, unemployment, mortgage availability, consumer confidence, inflation, and overall economic health. However, they can also be extremely regional in nature, and this is why there can be such variations in domestic prices.
Even though Canada still takes claim for the most overvalued housing market in the world, there are parts of America that look just as bubbly. This infographic looks at what renters could get in various cities while paying the average national monthly rent for an entry-level, one-bedroom or studio apartment ($769).
The results vary.
In Detroit, a city still emerging from its bankruptcy troubles, a renter could get 818 sq. ft. of space for the average rent. There is still some value in Chicago, Miami, and New Orleans, where the average national rent gets places of 570, 552, and 671 sq. ft. respectively.
In the Big Apple, it is understandable that housing is hard to come by. The average amount can only get 375 sq. ft.
However, where things really break down is in the Golden State, specifically in the Bay Area. New renters in San Francisco will find that the average national rent is only enough to get a kitchen and maybe a bathroom with just 285 sq. ft of space. Things are so bad in the city that shipping containers are getting converted to small homes and being rented out illegally for $1,000 per month. Someone even pitched a tent in their garden in Mountainview and listed it for $899 per month.
The fuel for San Francisco’s housing woes lies in the influx of high-paying tech companies and jobs in Silicon Valley, foreign home buyers bidding up prices, complicated housing and renting regulations, lack of general supply, and stifling bureaucracy.
Original graphic by: Mashable
