San Francisco Homes Earn More Per Hour Than Average U.S. Workers
If you own a home or condo in San Francisco, then its accruing market value is chugging up around the clock, kind of like a money printing machine. In fact, the upward growth of value in a San Francisco home is so significant that that home is earning as much or more per hour than the average worker in the U.S. does.
Huh? Yes, that’s right. Well, pretty close to being right, according to real estate site Zillow.
A Zillow report that came out last week stated this rather startling fact: “The typical U.S. home appreciated 7.6 percent over the past year, from a median value of $195,400 in February 2017 to $210,200 at the end of February 2018. That $14,800 bump in value translates to a gain in home equity of $7.09 for every hour the typical U.S. homeowner was at the office last year (assuming a standard 40-hour work week), a shade less than the federal minimum wage of $7.25 per hour.”
So, there you are: your home working for you 24 hours a day, every day — in an up market. If you divide the gain in home equity by total hours of the day, then the average drops to about $1.68 an hour. But still, that’s good for just sitting around.