San Francisco Officially Sucks For the Middle Class
By George McIntire
I would like to apologize in advance for ruining this glorious summer day for you, especially those of you playing hooky from work right now, but this news deserves infinite repeating: San Francisco sucks for the middle class.
Real estate company Trulia just released a new report detailing how San Francisco is the least affordable city in America for the middle class. The most eye-grabbing statistic the study produced is that someone with San Francisco’s median income ($84,129) can only afford 14% of homes for sale in the city, which is down from 20% a year ago. For comparison, 23% of homes in Los Angeles are affordable for the middle class, 34% in San Jose, and 40% in Oakland. Keep in mind that the national median income is around $40,000 less than that of our city. If you moved to Denver (and took a $21,000 pay cut) you would be able to afford half of the homes for sale in the mile-high city.
Not only are most locals unable to buy houses here, but the places within our budget are basically the size of several parklets pushed together. The median square footage of affordable homes is 1050 sq ft.
So if you’re making 80 grand a year, what’s the home price that is within reach? Trulia says that number is around $450,000. And what homes are available here for that price? There’s this 621 Sq ft condo for $475,000 in Mission Dolores: the listing says it's a one bedroom, but in actuality it’s a studio. Surprisingly enough, there are 2bed/2bath listings at 500k, for example this condo in Ingleside.
I can’t wait till next year’s study that says not a single home in San Francisco is affordable for San Franciscans.
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