How Much Do You Have To Earn To Afford A Home In San Francisco?

How Much Do You Have To Earn To Afford A Home In San Francisco?

How Much Do You Have To Earn To Afford A Home In San Francisco?

San Francisco Tops Median Price Index

Yesterday, we asked the question “What do you need to earn to buy a home in this town?”  Today we look at San Francisco. Anyone have a spare 500K for a condo?

For those of you who did not view yesterday when we reviewed Sacramento the numbers come via HSH.com that recently used data from the National Association of Realtors’ 2012 second-quarter data for median home prices as well as 2012 second-quarter average interest rate for 30-year, fixed-rate mortgages and figured out how much annual income would be necessary to purchase a median-priced home in the top 25 markets.

Because interest rates remain near record lows the numbers may seem low. In a nut shell the figured the numbers based on the 31% debt to income ratio that many banks use to “qualify” people for loan modifications as well.

San Francisco –  Most Expensive Metro Area

San Francisco

Income needed: $82,787

Mortgage rate: 4.11%

Home price: $552,600

Although San Francisco still ranks as the most expensive metro area on the list, home prices sank since the fourth quarter of 2010, which allowed affordability to rise. However the recent price rise in the past few months may cause that affordability to lower.

How Much Do You Have To Earn To Afford A Home In San Francisco?

How Much Do You Have To Earn To Afford A Home In San Francisco?

How Much Do You Have To Earn To Afford A Home In San Francisco?

How Much Do You Have To Earn To Afford A Home In San Francisco?

How Much Do You Have To Earn To Afford A Home In San Francisco?

How Much Do You Have To Earn To Afford A Home In San Francisco?

How Much Do You Have To Earn To Afford A Home In San Francisco?

How Much Do You Have To Earn To Afford A Home In San Francisco?

How Much Do You Have To Earn To Afford A Home In San Francisco?

How Much Do You Have To Earn To Afford A Home In San Francisco?

How Much Do You Have To Earn To Afford A Home In San Francisco?

How Much Do You Have To Earn To Afford A Home In San Francisco?

How Much Do You Have To Earn To Afford A Home In San Francisco?

How Much Do You Have To Earn To Afford A Home In San Francisco?

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Filed under California, San Francisco

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