The other factor that might be interfering with the market nationwide,if not in SF is that employment stability is for many people a dream of a lost generation. In the old days, when I started a new job and full of confidence in Myself, I would want to know how much more money that I could make by moving up to the next rung on the ladder. After accomplishing the feat of replacing my boss several times, and getting the increased pay and responsibility, I had no trouble at all signing for first the car loans then the Education Loans for My wife, and eventually that 25 year mortgage.
To be young, strong, full of confidence in the world and myself, and totally full of optimism may have a gift of my youth and naivete, But it is the kind of attitude that is necessary for a High School Grad to do all this and have 3 kids before the age of 25. Is this kind of life without plan available for a 18 year old today? When I rented both pre and post Home ownership, I preferred to deal with the accidental landlord who had a old house that belonged to a parent, or had managed to buy a few properties and needed to make their note. Now days it is more of a business model with the rental process for a prospective tennett beginning with a background and credit check. A credit check for a six month lease.Much has changed besides income levels.