In most of the U.S., a household income of $150,000 means you’re doing pretty well. In San Francisco, it’s probably not enough to buy a home.
A report released Monday by mortgage and loan sitelooks at what salary families in 27 metro areas would need to afford the local median home price, including principal, interest, taxes and insurance.
The report assumes a buyer’s down payment is 20 percent and uses the lending standard that a monthly home payment shouldn’t be more than 28 percent of income. It relies on the National Association of Realtors’ quarterly data for single family home prices, and excludes condos and co-ops. Read more here.