San Francisco is one of the most expensive cities in the United States when it comes to housing. The prices in the area vary from a median price of $1.4 million for a single-family home to an estimated cost of about $2.4 million for condos. So, how much do you need to make in order to buy a house in San Francisco? Well, that depends on a few factors, such as your budget, credit score, and down payment.

In general, it’s recommended that buyers have saved up a down payment of at least 20%, which would require an annual salary of over $150,000. Additionally, you need to have enough money in the bank to cover closing costs and any other expenses associated with purchasing a house.

In addition to having the necessary funds, potential homebuyers in San Francisco also need to have a good credit score and be able to demonstrate that they can afford the mortgage payments. Most lenders want to see a credit score of at least 620 and proof of income that can support your mortgage payments. With these factors taken into consideration, potential homebuyers should also look into how much they can borrow from lenders, as this will ultimately determine how much they need to make in order to purchase a house in San Francisco. This blog post will look at what it takes to buy a home in San Francisco and how you can make it happen.

San Francisco Mortgage Overview

The median home price in San Francisco is $1.3 million, making it one of the most expensive cities in which to purchase a home. In order to qualify for a mortgage on a median-priced home in San Francisco, you will need a minimum annual income of $260,000. This is based on a 4% interest rate and a 30-year fixed mortgage. With a 20% down payment, your monthly mortgage payment would be $10,167. Trusted and experienced San Francisco realtors can assist you in searching for the property that will best fit your budget.

In order to afford the median rent of $4,500 per month in San Francisco, you will need an annual income of at least $180,000. This is based on a 3% interest rate and a 30-year fixed mortgage. With a 20% down payment, your monthly mortgage payment would be $7,500.

In addition to your monthly mortgage payments, you will need to factor in property taxes, insurance costs, and closing costs. The average property tax rate in San Francisco is 0.75%, which translates to $9,750 on a median-priced home. Insurance costs depend on the type of coverage you choose and can range from a few hundred dollars to thousands of dollars per year. Closing costs are around 2% of the home’s purchase price, so for a median-priced home, that would be $26,000.

How Much You Need To Make To Buy A House In San Francisco

To buy a house in San Francisco, you need to make at least $180,000 a year. The median price for a home in San Francisco is $1.6 million, so you’ll need to have a down payment of at least $320,000 to buy a home in the city. If you don’t have that much saved up, you can still purchase a home by taking out a mortgage.

However, your monthly payments will be much higher than if you had a larger down payment.

In addition to your annual income, you need to consider other factors such as your debt-to-income ratio, credit score, and other financial commitments. You should consult with a mortgage lender to identify how much you need to make to buy a house in San Francisco.

Tips For Saving For A Down Payment

Saving for a down payment on a house can seem daunting, but some simple tips can help make the process easier. Start by setting a goal and creating a plan. Then, start saving as early as possible and Automate your savings, so you don’t have to think about it. Finally, consider using a down payment assistance program to help with the costs.

Set a Goal and Create a Plan: Before you start saving for a down payment, it’s essential to set a goal and create a plan for how you will save. Determine how much of a down payment you need and decide how long it will take you to reach that goal.

Start Saving Early: The sooner you start saving, the easier it will be to reach your goal. Consider opening a savings account specifically for your down payment and setting up an automatic transfer from your checking account each month.

Automate Your Savings: Automating your savings can make it easier to stay on track with your goal. Ask your bank or credit union if they offer automated transfers or consider setting up an automatic monthly withdrawal from your paycheck.

Utilize Down Payment Assistance Programs: If you’re having trouble saving for a down payment, consider utilizing down payment assistance programs such as grants or loans from the government or private organizations that can help with the costs associated with buying a home.

How Can A Leasing Agent Help You

If you’re looking to buy a house in San Francisco, working with a leasing agent can be a great way to help you find the right property. A good leasing agent will know the city well and can help you narrow down your search to properties that fit your budget and needs. They can also provide advice on the best ways to finance your purchase and negotiate terms with sellers.

In addition, a leasing agent can help you navigate the complexities of the San Francisco housing market. This includes understanding local laws and regulations, identifying potential sellers who meet your criteria, and conducting thorough property inspections to ensure you get the best deal. Lastly, they can support you throughout the process and represent your interests in negotiations with sellers.


Buying a house in San Francisco can be an expensive endeavor, and it’s essential to make sure you have the necessary funds to cover all of your costs. With the median list price for homes currently at $1,195,000, you should budget for a down payment of around 20% or more. Additionally, having an annual income that is 3-4 times higher than your mortgage payments will also help ensure you are able to get approved for financing and purchase the home of your dreams without sacrificing too much financial security.