The Paragon Real Estate Group released its report on Housing Affordability in the Bay Area, which shows how one of the most expensive real estate markets in the nation compares with the national average. Among the most significant findings:
- Median Price: The median price of a home in San Francisco is $1,375,000, while the median price of a home nationwide is $240,700.
- Buying Affordability: Only 13% of San Franciscans can afford to buy a median-priced house in the City, while 57% of Americans can buy a median-priced home nationwide.
- Monthly Payments: A typical monthly payment plus taxes and insurance for a median-priced home in San Francisco is $6,740, while a typical monthly payment plus taxes and insurance for a median-priced home in the U.S. is $1,180.
- Salary to Qualify for a Mortgage: The minimum income required to qualify for a $1,375,000 home is $269,600 per year, while the minimum income to qualify for a $240,700 home is $47,200 per year.
- Median Household Income: Median household income in San Francisco is $84,160, while the national median is $55,550.