San Franciscans need to earn $333,000 a year to buy a median-priced home

San Franciscans need to earn $333,000 a year to buy a median-priced home

Photo: Michael Noble Jr. / The Chronicle 2016 Image 1 of / 1 Caption Close Image 1 of 1 A passerby walks by a home for sale in San Francisco.

More Bay Area households could afford to buy a median-priced single-family home in the first quarter of this year compared with the fourth quarter of 2017, as incomes rose more than enough to offset an increase in home prices and interest rates.

About 23 percent of Bay Area households earned enough to buy the median-priced home in the first quarter, compared with 21 percent in the fourth quarter of last year and 25 percent in the year-ago period.

The survey calculates the annual household income needed to make the monthly payment (including mortgage, taxes and insurance) on a median-priced single-family home with a 20 percent down payment and a 30-year fixed-rate mortgage at prevailing rates.

In the first quarter, a Bay Area household would have needed at least $186,300 in annual income to make the $4,660 monthly payment on a $900,000 home, with mortgage rates at 4.44 percent.

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