Okay kiddies, are you ready to hear what a house in San Francisco costs?
Last month, the average price of a single family home in the city of San Francisco was $997,000 That's nine HUNDRED ninety-seven THOUSAND dollars, (or just three thousand dollars less than a million).
If you're going in for a standard mortgage, you'll have to come up with a down payment of 20% ... a mere $199,400.
Your monthly payment (including taxes, insurance and interest) will be $5,800
And that adds up to $69,600 a year.
Over the course of a thirty year mortgage, you'll pay $2,287,400.
That's two MILLION, two hundred eighty-seven THOUSAND, and four hundred dollars for that average house.
(Sure you could say that the 997 K house ends up costing 2.28 million, but that hardly conveys the immense cost.)
I have joked for years that the only house I would ever be able to afford is a cardboard box on the side of the road. And I'm not even sure Robb and I could afford that in San Francisco.
Good thing we love Oakland.
Like this painting? It's from Carol Aust's Painting-A-Day Blog.