Middle Class Home Buying in SF Needs $303,000 Yearly Income
A new report out from Paragon Real Estate makes a startling conclusion: that if you’re middle class in San Francisco, working toward buying a median-priced home in the city, then you’re going to need to be making $303,000 a year, as of December 2017. Either as an individual or as a couple. Not surprisingly, this is an all time high.
In terms of the households in San Francisco, this works out to 12% of them being able to afford a median-priced house or condo. A median-priced home is now about $1.5 million and with a 20% down payment, affordability is available only to the few.
The takeaways from this report includes the observation that low housing affordability is the most critical economic and social issue in San Francisco and the Bay Area, and tech workers who have to have housing when they come here to work can’t even afford to live in the Bay Area.