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While the price of groceries and gas – both 8.6 percent from a year ago – have seen the most dramatic increases, the continued increase in housing costs is also punching inflation to heights not seen since 1982.
Mortgage rates are now climbing, currently an average of 3.85 percent, according to Freddie Mac.
These rates, combined with the acceleration of home prices and rental rates. are only adding to the inflationary pressure.
A new poll by he Bay Area Council reveals that 46 percent of Bay Area residents surveyed say they are likely to move out of the area in the next few years. Last year the percentage was 40, in 2016 it was 34 percent.
Not surprising the continuation escalation of housing costs is the main reason for the desire – or need – to leave. The median price in the area is now $850,000 — up 13 percent from a year ago.
Fifty-five percent of those residents polled in the survey said they believel the Bay Area has “gotten pretty seriously off on the wrong track,” up significantly from 42 percent just last year.
