Only 10% of San Francisco Residents Can Afford a Home

San FranciscoMost of the San Francisco residents will find it hard to purchase a home given the rising cost of houses. Based on a study conducted by the California Association of Realtors (C.A.R.), only 10 percent of prospective home owners in the area could afford to buy a single family house.

C.A.R. released their 2nd Quarter Home Affordability report Tuesday, August 11, which indicated that San Franciscans will need an income of $267,780 in order to purchase a house, reports Bloomberg. This translates to a home affordability index of 10 percent, lower than the 12 percent posted during the first quarter of 2015. The median price of homes in the area reached $1.35 million, with monthly payments of $6,690. The monthly payments are based on a 30 year fixed-rate loan and already includes taxes and insurance fees.

The C.A.R. report also showed a drop in California’s housing affordability index for the year’s second quarter, with only 30 percent of home buyers able to purchase a single family house. This is down 2 percent from the first quarter of 2015 and flat from the same quarter in 2014. The drop is attributed to the rising trend in home prices across various U.S. states.

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