patrick.net

ThreeBays says

n Foster City there is no 3BR under 3200 now.

Damn.

Sounds like a reason for more jobs to leave the Bay Area.

crazydesi says

OH's are full of buyers, mainly I and C

Sorry, but what is OH's?

I don't get this conversation. We are talking about rents in the 2-3K range for houses that sell in the 600-1000K range. And we are saying rents are crazy? Rents are cheap! Very cheap if you are comparing the alternative of buying these dog houses as a place you want to own. If you are okay with paying through the nose for buying then why are you so upset with paying someone 1/2 their monthly cost of ownership to rent? I just don't get it. 1 does not equal 0.5.

B.A.C.A.H. says

Damn.
Sounds like a reason for more jobs to leave the Bay Area.

someone needs to tell that to that chinese lady landlord..

well unlike 1996-1999, we dont have a huge demand for workers and dont have a shortage in supply... but we are putting more supply on the market.

it will take alot to re-create a similar shortage and thus
spike in rental costs.

crazydesi says

Especially in Milpitas, Bereyassa area, lot of Asians are living with their kids for their education....

Right....as in the business programs which is impacted this year, enrollment has been capped.

SJSU will continue South Bay admissions preference

http://www.mercurynews.com/california-budget/ci_20056258

To make up for the higher number of South Bay students attending in the fall, San Jose State -- which plans to keep enrollment at about 27,000 next year -- may have to stop admitting new students for the spring 2013 term,

RentingForHalfTheCost says

I don't get this conversation. We are talking about rents in the 2-3K range for houses that sell in the 600-1000K range. And we are saying rents are crazy? Rents are cheap! Very cheap if you are comparing the alternative of buying these dog houses as a place you want to own. If you are okay with paying through the nose for buying then why are you so upset with paying someone 1/2 their monthly cost of ownership to rent? I just don't get it. 1 does not equal 0.5.

Bingo!

E-man says

I know a Chinese lady who recently rented her 3/2, 1,300sq.ft. SFH home in 95123 for $2,400/month. Crazily expensive indeed. As of now, this summer will be very interesting. :)

Yes, that's high for the area, but not competely crazy:

http://patrick.net/housing/graphs.php?uaddr=95123&v=rents

RentingForHalfTheCost says

I don't get this conversation. We are talking about rents in the 2-3K range for houses that sell in the 600-1000K range. And we are saying rents are crazy? Rents are cheap! Very cheap if you are comparing the alternative of buying these dog houses as a place you want to own. If you are okay with paying through the nose for buying then why are you so upset with paying someone 1/2 their monthly cost of ownership to rent? I just don't get it. 1 does not equal 0.5.

Its for two reasons:

1.) People still stubbornly hold onto that phrase that "Renting is throwing money away".

2.) Most people who are buying at the moment STILL believe they are doing so as an investment, build equity, or otherwise make money on their home purchase. This is directly related to #1. After all, how can renting being throwing money away if the converse isn't true of buying.

People bitching about how high rents are in situations where buying would be even more expensive are simply ignorant and missing the big picture.

FWIW, requiring 20% down to obtain a mortgage would fix all of this.

dodgerfanjohn says

FWIW, requiring 20% down to obtain a mortgage would fix all of this.

I'd just say eliminate mortgage in this country! Let the sheeple spend money on everything else except housing and this country will take off into 22nd century!!