![]() Teton County, Wyoming-home to Jackson Hole and other well-known ski resorts-attracted the wealthiest ex-San Franciscans, with an average annual income of nearly $600,000. Taxpayers who filed 2019 tax returns from San Francisco and 2021 returns from a new location reported an average annual adjusted gross income (AGI) to the IRS of nearly $196,000 per household. Between 20, San Francisco lost nearly $15 billion of household income, even after accounting for those who moved into the city. San Francisco’s population loss has been the largest among all major cities in recent years.ĭeparting San Franciscans have on average represented households of very high income. San Francisco’s housing price decline reflects the fact that the city has lost more than 65,000 residents, roughly 7.5% of its population. This additional 13.4 percentage-point drop means that San Franciscans have lost an extra $260 billion more in residential real estate value than it would have had it kept pace with the rest of the country. San Francisco’s housing stock was valued at nearly $2 trillion by real estate valuation firm Zillow before the price plunge. But residential values have plunged in San Francisco, falling by about 16.7%, compared to a decline of just 3.3% in the rest of the country, a difference of about 13.4 percentage points. US residential home values have declined modestly since their 2022 peak, reflecting higher mortgage interest rates.
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