The median home price in San Francisco reached $1.375 million in the second quarter, good for six times the U.S. national median of $240,700, according to California Association of Realtors (CAR) data as reported by Paragon Real Estate Group. Per Paragon’s semi-annual report, CAR data shows San Francisco residents needed a minimum qualifying annual income of $269,600 to put 20 percent down and afford a mortgage, taxes and insurance to a buy a home in the second quarter. However, San Francisco’s median income is drastically lower, at $84,160 per year. Due to exceedingly high housing costs, only 13 percent of households could afford to buy a median-priced house, not including condos, the report says. Compared to the rest of the country, where an estimated 57 percent of households can afford to buy a median-priced house, San Francisco affordability is outstandingly narrow. While the recession helped soften prices slightly, the market is mimicking pre-recession lev...
- San Francisco residents needed a minimum qualifying annual income of $269,600 to afford to buy a home in the second quarter, according to a Paragon report.
- Just 13 percent of Bay Area households could afford to buy the median-priced house, not including condos.
- At $100,200 per year, Marin County held the highest median household income, but only 18 percent of households could afford to buy.
- Bay Area renters have a household median income approximately half that of homeowner incomes.