13 facts about San Francisco that will make you think twice about whether you can afford to live there
The estimated cost of annual necessities for a single person is $43,581 — or $3,632 a month, making it the most expensive city for single people to settle down.
For a family of four, expect to pay about $91,785 a year for necessities — that's $7,649 per month.
Annual necessities in the San Francisco metro area for a four-person family — two adults, two children — include costs of housing, food, child care, transportation, healthcare, other necessities, and taxes. They do not include savings or discretionary spending.
Source: Economic Policy Institute's 2015 Family Budget Calculator
The median home price in the San Francisco metro area is a steep $841,600.
Compare that to the median home price in the US: $188,900.
Source: National Association of Realtors, via Business Insider
Meaning a typical monthly mortgage payment would come to $3,684.
That's assuming interest rates for a common 30-year, fixed-rate mortgage.
Source: HSH.com
To afford to buy a median-priced home in the metro area, you'd need to earn about $158,000 a year.
To put that into perspective, the median household income in the US is $52,250.
Source: HSH.com, via Business Insider
In addition to pricey housing, car ownership will add up: The average price for a gallon of gas in San Francisco is $3.20, compared to a national average of $2.33. That's a 37% difference.
If you can manage without a car in the city of San Francisco, public transportation will be the most economical option: A monthly pass for bus and cable car service is $68, while a pass that includes access to BART (Bay Area Rapid Transit) is just $80. Compared to Chicago ($100) and New York City ($116.50), that's a pretty good deal.
Expect to pay daily parking rates of $20 or more in the city (or monthly rates between $200 and $400).
Free parking can generally be found outside of the city center, but if you need to park downtown, it won't be cheap.
Source: SmartAsset
The food is world class, but it'll cost you. Even if you're not splurging on fine dining, a meal for two at a 'mid-range' spot in the city costs about $75, nearly double the national average.
Source: numbeo.com
Of course, home cooking will save you tremendously, but compared to the rest of the country, grocery prices run high in the city of San Fran: 23% more than the national average.
To give you a snapshot: A pound of chicken is about $6.25 (national average: $3.63), a pound of cheese comes to $7.10 (national average: $4.35), and a dozen eggs will cost you about $4.02 (national average: $2.36).
Source: SmartAsset
If you enjoy nightlife, expect to pay about $71, the average cost of a night out.
This includes an event ticket, transportation, and food and drink costs in the San Francisco metro area.
Source: Eventbrite
All in all, for a four-person family to live comfortably, the suggested annual take-home income is $153,552.
This accounts for necessities (such as housing, food, childcare, healthcare, and transportation), discretionary spending, and savings in the San Francisco metro area.
And if you're striving to be in the top 1% of San Francisco metro area residents, your household income would have to reach at least $558,046 a year.
For the top 5%: $349,693 a year.
Source: The New York Times
Popular Right Now
Popular Keywords
Advertisement