How much home can I afford in San Francisco? an Fransisco is the most expensive city in America. Research shows that the average home in San Fransisco is about a million dollars. The cost of housing worsened during the Covid 19 outbreak and increased renting by 12 % only in that year. Most people that live in San Fransisco are the younger generation. The generation can afford housing in the country because of several salaries streaming into one account and also support from parents. One reason that triggers the high cost of living in San Fransisco is that people are paid highly for their work. People working with Facebook and other tech companies, uber, banking law, and consulting make an average of about $150,000 annually after joining the school. By turning 30,
they make an average of about 300,000 dollars in one year. People earning such an amount of money are hence able to get a mortgage that is worth around 1.5 million dollars. IS THERE ANY HOPE LEFT FOR THE AVERAGE BUYER? San Fransisco is known to have major challenges in housing, such that even the tech worker cannot afford housing. Buying a house in San Fransisco requires a deposit of about $265,000.Many average people have to save for some years to have the amount, which could result in a ten-year plan of saving. Saving helps the average buyer of a point to accumulate the deposit needed. In a survey, 9 out of 10 people were said to have significantly less money, while 14% had no savings. JULY 2022 | 117
PHOTO FROM 123RF
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By Norman Green
