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National Real Estate: It's Not a Game...Average Income Needed to Buy a Home in San Francisco is

  • Writer: Debora Sanders
    Debora Sanders
  • Jan 27, 2022
  • 1 min read

Unfortunately we aren't playing the Monopoly board game and it looks like we going to need more than paper money and little green houses to afford the American dream in the Bay Area and Monterey Peninsula.

According to the California Association of Realtors affordability index, which is based on sales in the fourth quarter of 2017, it will now take a household income of $303,000 to buy a median-priced home in San Francisco. The index approximates the percentage of households with the minimum income needed to buy an existing, median-priced single-family home with a 20 percent down payment at the current interest rate.The new salary number is what a buyer needs to make to afford the $7,580 payment on a $1.5 million home, the fourth-quarter median.

Although the Monterey Peninsula does not directly mirror San Francisco, the average combined sales price for Carmel, Pebble Beach and Pacific Grove is currently $1,523,000 and falls within this matrix. There are still areas of the Peninsula that are under the million dollar mark but home prices continue to rise. It's a tough market for first time home buyers and our local communities continue to work on affordable housing solutions. We need it!

Source: San Francisco Chronicle, February 15th, 2018

 
 
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Sotheby's International Realty
3775 Via Nona Marie Suite 100, Carmel CA 93923
831-620-2936

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Debora Sanders is a real estate salesperson licensed by the state of California affiliated with Sotheby's International Realty. Sotheby's International Realty is a real estate broker licensed by the state of California and abides by equal housing opportunity laws. All material presented herein is intended for informational purposes only. Information is compiled from sources deemed reliable but is subject to errors, omissions, changes in price, condition, sale, or withdrawal without notice. No statement is made as to the accuracy of any description. All measurements and square footages are approximate. This is not intended to solicit property already listed. Nothing herein shall be construed as legal, accounting, or other professional advice outside the realm of real estate brokerage.

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