How Much You Need To Make To Buy A San Francisco House

SAN FRANCISCO, CA -- Are you looking to purchase a home in San Francisco? Well, you may have to start saving up. The city was named one of the most expensive metropolitan cities in the U.S. in a study released this month by HSH.com, a publisher of mortgage and consumer loan information.

The study found that San Francisco residents need a minimum salary of $171,330.88 to afford a median home price of $900,000. If homebuyers put 10 percent down instead of 20 percent, the required salary increases to $203,581.18.

After putting 20 percent down, you can expect a 30-year-fixed mortgage rate of about 4.12 percent with a monthly payment of about $3,997.72, according to HSH.com.

The numbers indicate "home prices still far exceed incomes in several parts of the country," said Lawrence Yun, a chief economist for National Realtors Association.

"Affordability pressures are frustratingly occurring in places where jobs are plentiful and incomes are rising," Yun said. "Without a significant boost in new and existing inventory to alleviate price growth, job creation could slow in high cost areas in upcoming years if residents begin exiling to more affordable parts of the country."

The publisher found its calculations by using 2017 third-quarter data from the National Association of Realtors. It also used information available on property taxes and homeowner's insurance costs.

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