You need make at least $137,129 a year (before taxes) to afford a home in the Fog City, which according to a new report is the most expensive city in the country for home buyers.
Coming in a distant second place is San Diego, where you need to bring home $98,534 a year to afford the principal, interest, taxes and insurance of a median-priced home, the measure used to make the calculations by HSH Associates, the mortgage-tracker that published the report.
New York City scored third place — perhaps surprisingly, because of its notoriously high rents. You "only" (hahaha!) have to make a salary of $89,788 a year to afford a mid-level apartment.
The widening gap between rich and poor in San Francisco just keeps getting worse. A recent report ranked income inequality in the city on par with developing countries including Rwanda.
This poses a real dilemma for us in the Real Bay Area. Now that we’ve set the bar so high, how we do we drive this even further?
I have a feeling that if we all work together, we can drive this minimum to a nice even $200,000.
What will you be doing to make this happen?