Report: You need to earn $309K to afford a home in San Francisco – KGO

SAN FRANCISCO (KGO) — Looking for a new home? Housing costs in the Bay Area are notoriously high and a new report by the California Association of Realtors highlights just how high.

San Francisco County is the most unaffordable county in California. The median home price in the county is now $1.58 million and you need a household income of $309,600 to qualify for a mortgage.

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San Mateo, Santa Clara and Marin counties all have median home prices north of $1 million dollars. The median incomes needed in all three counties are more than $200,000.

Contra Costa County is the most affordable county in the region. Median priced homes there average just $665,000 and you need to make $130,000 per year.

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The new ranking proves what many in the Bay Area already know — the region is the most expensive place to live in California. Overall, the average income needed in the Bay Area is $178,400, more than $70,000 higher than the second most expensive area, Los Angeles.

Take a look at ABC7′s latest stories and videos about efforts to Build a Better Bay Area.

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