San Francisco's housing market is so dire, people need to make over $300,000 a year to afford the typical home

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February 21, 2018 8:17 PM

The household income now required to buy a median-priced home in San Francisco is now $303,000, according to a report from Paragon Real Estate.

The household income required to buy a typical home in San Francisco is now $303,000, according to a report from Paragon Real Estate.
Only 12% of households in the city can afford the median-priced home.
The high cost of living is making it harder for tech companies and non-profit organizations to recruit and retain employees in San Francisco.

Being part of San Francisco's middle class doesn't mean you can afford middle-class living.

A new report from Paragon Real Estate reveals that the household income now required to buy a median-priced home in San Francisco reached an all-time-high of $303,000 in December.

That means a person who wants to buy property in the city needs a mid-six-figure salary in order to afford the 20% down payment on a $1.5 million home — the median sale price of a single-family home in San Francisco last quarter.

According to Paragon Real Estate, only 12% of households in San Francisco can afford it.

Patrick Carlisle, the chief market analyst at Paragon who worked on thereport, has said low housing affordability is the greatest economic and social issue issue facing the Bay Area.

The report was unsurprising but still unsettling for Bay Area residents.

Katherine Maher, executive director of the Wikimedia Foundation, wrote on Twitter, "

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