The middle class has been disappearing fast from the Bay Area, and a new report from Paragon Real Estate Group underscores that issue. Released last week, it shows that only 13 percent of San Francisco households can afford a median-priced single-family home.
According to the firm, the median sale price for a single-family home in San Francisco is $1,375,000, and the minimum annual household income needed to purchase a home of that price is $269,600. Paragon Real Estate Group arrived at its 13 percent statistic by using a fixed 30-year interest rate and assuming a downpayment of 20 percent.
While those numbers paint a bleak picture, it’s important to note that they don’t consider condos, which are “typically less expensive.” It’s also worth noting that there are at least some single-family homes and large townhomes in San Francisco priced below the $1,375,000 median. We’ve rounded up a couple of spacious options below that level. Happy hunting!
Rendering: Summit 800
Summit 800 is a new single-family home development right off idyllic Lake Merced near San Francisco State University. Homes start at $1,012,000, and there are 182 to choose from.
Townhomes on Tennessee
Photo: Townhomes on Tennessee
Squarely in the up-and-coming Dogpatch neighborhood, Townhomes on Tennessee is a collection of 11 homes with up to three bedrooms. Kitchens come with quartz countertops, a 30-inch Viking gas range and amber-glass pendant lighting, while the bathrooms hold relaxing Duravit soaking tubs. Prices start at $1,095,000.