According to CAR, the price of an entry-level home in San Francisco (well, the SF Bay Area) is $482,830, by far the most expensive area of the state. As you can see in the infographic below, according to the number crunchers at CAR, the entry level price for a home in California is $288,880, with the LA metro area and the Inland Empire both coming in below the average state price.
Not to be a debbie downer, but the reality is that $483,000 doesn’t get you much in San Francisco, especially in the single family home category.
In all of San Francisco, there are currently 17 single family homes listed for sale that are listed for $483,000 or less. 14 of those homes are located in District 10, which covers the south end of San Francisco from Hunter’s Point to the Excelsior. In other words, if you want a single family home and don’t want to be on the far southern end of the city, you’ve got about 3 options, and none of those options are going to be your dream home.
If you are open to a condo, the pickings aren’t much better, with only 14 condos currently on the market in the city for under $488,000 (this excludes BMR units and senior housing, both of which have particular eligibility requirements). If you are a first time buyer and qualify for the city’s BMR program, you’ll have a few more options, but not a ton.
Willing to expand your search criteria further? If we add tenancies-in-common into the mix, we only have 13 additional homes to choose from.
All of which is a long way of saying that entry-level in San Francisco is realistically going to require spending more than $483,000, and most likely more than $500,000 to find a home that you will actually want to share with your friends on Facebook as being your new home.