San Mateo County has released statistics on housing costs and income for the quarter ending June 30, and the numbers confirm what anyone who has recently tried to buy or rent a home already knows the cost of housing in San Mateo County is increasing much faster than income.
Figures released by the county's Department of Housing show that in the three months ending June 30, the average market rent for a one-bedroom unit in San Mateo County was $2,516 a month, up 12.4 percent from the same period a year ago, and up more than 50 percent in four years.
The reported average market rent for a two-bedroom unit in San Mateo County was $2,815, up 12.5 percent over a year ago and 49 percent over four years ago. (A market rent is what new occupants are paying.)
At the same time, the county's median income (half of the incomes are higher and half are lower) rose a little less than 5 percent from last year, at $71,339 per year for a one-person household and $101,900 for a four-person household.
And over four years, while market rents have risen 50 percent, household income was flat, gaining just 0.3 percent since 2011.
The county Department of Housing says it bases its data on surveys conducted by the company RealFacts. On its website the company says it surveys thousands of apartment complexes four times a year to produce the numbers.
Sales prices of homes and condominiums in the county are also up considerably. The median price of a single-family home countywide is $1.3 million, up from $1.085 million a year ago, a 19.8 percent increase. The average price (total sales prices divided by number of homes sold) is $1.66 million, up from $1.46 million a year ago, a 13.6 percent increase.
Condominiums countywide have a median price of $688,888, up 13 percent from the $610,000 a year ago. The average price of a condominium in the county is $740,469, up 13.6 percent from the average of $651,814 a year ago.
Over 15 years
Looking at the figures in the report over a 15-year period shows that housing rents in the county dropped sharply after the dot-com bust in the early 2000s and didn't recover 2000 levels until about 2012.
The year 2000 numbers are for the quarter ending Dec. 31, the farthest back the housing department's website goes. All the other years' figures are for the quarters ending June 30.
The report for the quarter ending Dec. 31, 2000, showed an average rent of $1,715 for a one-bedroom rental and $1,900 for a two-bedroom rental.
Median income in 2000 for a one-person household was $52,450 and $74,900 for a four-person household, according to the data.
Housing rents over 15 years have risen at about the same rate as over the last four: Rents on a one-bedroom rental are up 46.7 percent from 2000, and rents on a two-bedroom rental are up 48 percent.
During that same 15-year period, reported household income rose 36 percent.
The county median home sale price in 2000 is shown as $625,000. By 2015, the number had reached $1.3 million, a 108 percent increase in 15 years.
For condominiums, the median sales prices in 2000 was $381,500, which compares with $688,888 in 2015, a gain of 80 percent over 15 years.