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How Expensive is San Francisco’s Housing Market?

It’s no secret that San Francisco, California, is among one of the—if not the—most expensive market in the nation. But how expensive is it?

A study by LendingTree found that with an average cost of $1.19 million, a median-priced home in the Golden Gate City is worth an average of 5.4 homes in one of the nation’s largest cities. 

Additionally, a median-prices home in San Francisco costs almost 10 times the area’s median-yearly income of $112,376. 

The study found that for what it costs to buy a home in San Francisco, one could purchase 23.2 homes in Detroit, Michigan. LendingTree states that Detroit has an average home price of $51,600.

Detroit had the largest difference to home prices in San Francisco at $1.14 million. The second-farthest from San Francisco was Memphis, Tennessee, and its average home price of $103,700. One could purchase 11.2 homes in Memphis for the same price of one home in San Francisco. 

Detroit had the lowest average income at $31,283, and homeowners in Memphis made an average of $37,199.

Other markers that were farthest from San Francisco’s home prices are: Milwaukee, Wisconsin; El Paso, Texas; Indianapolis, Indiana; Tulsa, Oklahoma; San Antonio, Texas; Columbus, Ohio; Oklahoma City, Oklahoma; and Omaha, Nebraska. 

In total, 19 markets had an average home price less than $1 million of San Francisco's average home price.

The market closest to San Francisco is San Jose, California, with an average home price of $968,500—a difference of just $227,200. San Jose has an higher average salary that San Francisco at $113,036.

Seattle, Washington, was the next closest market with an average home price of $728,200, and was followed by Oakland, California’s $717,700. 

Markets that were closest to the Golden Gate City were: Los Angeles, California; San Diego, California; New York, New York; Washington, D.C.; Long Beach, California; and Boston, Massachusetts. 

LendingTree, however, says there are ways to reduce housing costs in San Francisco, with one of the main ones being refinancing. 

If a homebuyer bought an average home in the market with a 20% down payment with a “fair” credit score, they could refinance and save $301 on their monthly payment and $34,022 over the life of their loan. 

About Author: Mike Albanese

A graduate of the University of Alabama, Mike Albanese has worked for news publications since 2011 in Texas and Colorado. He has built a portfolio of more than 1,000 articles, covering city government, police and crime, business, sports, and is experienced in crafting engaging features and enterprise pieces. He spent time as the sports editor for the "Pilot Point Post-Signal," and has covered the DFW Metroplex for several years. He has also assisted with sports coverage and editing duties with the "Dallas Morning News" and "Denton Record-Chronicle" over the past several years.

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