Markets & Economy

San Francisco homebuyers need to make at least $153,000 annually

Buyers that put down 10 percent must earn $32,000 more than those able to deposit 20 percent
  • A 20 percent deposit on an average-priced SF home is nearly $225,000.
  • Despite high home prices, buying is still perceive as a cheaper option than renting in San Francisco.
  • Rents are predicted to outpace home price appreciation this year.

Don't miss the real estate event of the summer
Join 4,000 real estate pros at Connect SF, Aug 7‑11, 2017

Whether you're using median or average home price data, the salary required to purchase a San Francisco residence is between $153,000 and nearly $181,000. This salary range assumes you're able to put down 20 percent deposit. Drop this deposit to 10 percent and you can bump the salary requirements up by $32,000. According to Finder.com, $180,600 represents the annual salary required to purchase the average-priced home in San Francisco, which stands at $1.119 million. This salary represents the highest requirement of the 78 metros analyzed and assumes a buyer is putting 20 percent down, which would equate to $223,900. A 10 percent deposit would come out to $111,950. The city's high salary requirement is attributed to its sky-high home values. "The salary required to get a mortgage for the average home is higher than the salary required to cover mortgage payments, average debt and average expenditure," Finder.com stated. San Francisco homebuyers can't skimp on a downpa...