What should be the salary to buy a house in San Francisco?

What should be the salary to buy a house in San Francisco?

Live in San Francisco, and even in your own home is the dream of many, but unfortunately, not everyone can afford it. Frankly, you can not think to buy a home, if your salary cannot be characterized as «much above average».

A website dedicated to the mortgage – HSH – analyzed the current market for the sale of homes in San Francisco and brought the amount you should earn per year to be able to buy an average price house with this city.

So, the company mortgages with 20% down payment and a 4,36% mortgage rate you must have a salary of not less than $ 161 000 per year. The average house price, which was adopted by the company in the calculation is $ 815 000 (price is not for the average San Francisco, were taken into account and the surrounding area, the most popular among buyers of real estate: Oakland, Marin, San MATEO, etc.).

The above salary will allow you over time «to cover principal, interest, taxes and insurance payments on the house.»

The company is not the first time analysed the market and in this connection a very interesting assessment of the findings of experts in retrospect. So, in 2016 to buy the average house in San Francisco was enough to earn about $ 144 000in 2015, and $ 141 000in 2014, «modest» $ 137 000.

A huge increase of 12 percent year-over-year last year is typical of other cities.

«Increased costs of taxes and insurance, and it’s one of the reasons,» said Vice President of HSH Kate Gumbinger. But the value of homes in 2016, according to a study in San Francisco has grown relatively little in comparison with the previous years.

Source