Apparently, you need to make over $300,000 a year to afford a house in San Francisco

Was trying to do some research to figure out how to afford a house (I live in the Southern Bay Area) and came across this article www.businessinsider.com/income-required-to-afford-a-home-in-san-francisco-2018-2 It’s saying you would need about $300,000 a year to afford a house there. I’m assuming it can’t be much lower when you go about an hour south of san francisco.

I’ve been hearing about people leaving Cali because of how expensive it is here, but that is simply ridiculous. I would leave, but my entire family and friend and life is here. It’s a real downer to see though. I’m kind of hoping there will be some change, but I doubt it.

 

  • The household income required to buy a typical home in San Francisco is now $303,000, according to a report from Paragon Real Estate.

  • Only 12% of households in the city can afford the median-priced home.

  • The high cost of living is making it harder for tech companies and non-profit organizations to recruit and retain employees in San Francisco.

Being part of San Francisco’s middle class doesn’t mean you can afford middle-class living.

A new report from Paragon Real Estate reveals that the household income now required to buy a median-priced home in San Francisco reached an all-time-high of $303,000 in December.

That means a person who wants to buy property in the city needs a mid-six-figure salary in order to afford the 20% down payment on a $1.5 million home — the median sale price of a single-family home in San Francisco last quarter.

But then both couples would have to make around $150k a year. That seems like a huge number to reach unless you’re in tech

 

h/t Zombie_Whisperer

More Stories You May Like

If everyone who reads our story, who likes it, helps fund it, our future would be much more secure. For as little as $1, you can support the IWB – and it only takes a minute. Thank you. 677 views

Related Posts: