Wow – Need $333K a Year to Buy a Home in San Francisco
It’s an easy number to remember: $333,000. So, if you’re talking at a party or around the cooler, you can make a weighty dialectical point by stating, “Buying a home in San Francisco—house, or condo—you or you and your significant other need to be hauling in $333,000 a year.” And everybody will be impressed or maybe dismayed.
The California Association of Realtors released its Quarterly Housing Affordability report a couple of days ago, and said report found the $333K annual income figure for SFers, and that’s without the taxes.
That fits with the upwelling median price of an SF home sitting now at $1.61 million. Another point to keep for the water cooler is these are asking prices, not the final sales price—and many houses or condos are going higher than the asking price. The $333K price tag has shot up in one year, since the 2017 SF figure of $267,130 needed in the income piggy bank per year.