Housing prices in San Francisco have almost always been a source of legend, but with the advent of the tech boom, the city has seemingly been taken over by 20 and 30 somethings with six and seven figure incomes. The median home price in San Francisco is over $800,000 (including condos and single family homes) and the average listing price is at just under $1.5 million. It's no wonder that in a survey of homes, Redfin found that not a single home would be affordable to an average teacher. With the rising prices, what might be affordable to a middle class person? Anything?
According to Zillow, there are some properties that are still well under $500,000, but they come at a price, which is generally either space or livability. At just $329,000 this one bedroom condo might just be affordable, if you can put down 20% and afford a mortgage of about $1,500 a month (plus HOA fees).
The apartment appears to be in great condition and with just 265 square feet of space, it seems to be efficient. It would have to be. It's also in a surprisingly great area.
The least expensive single family home on Zillow is priced at just below $400,000. It's a two bedroom/one bath, which is described as a, "Contractor?s/Investor?s Special. House needs work. Upper level features 2br/1ba, kitchen, living room (with fireplace) & dining room combined." Compared to the condo, though, it's downright palatial with 930 square feet of living space, but it is located in the not-so-fashionable Excelsior District.
If getting more bang for your buck is your goal or if your family won't fit into a 265 square foot condo, crossing a bridge will get your more affordable housing, but pickings are slim, with the median home price in the Bay Area of $540,000.
If you're trying to figure out where to focus your home search in the Bay Area, Kwelia has this interactive map with home prices for each area.