San Francisco, known for its tech industry, diverse culture, and beautiful landscapes, is one of the most expensive cities to live in the United States12. Here’s a detailed look at the cost of living in San Francisco in 2024.
Housing
Housing is one of the most significant expenses in San Francisco. The average rent for a one-bedroom apartment is $2,811 per month3. If you’re looking for a two-bedroom apartment, expect to pay around $3,8463. For those who prefer a three-bedroom rental, the cost could be $5,183 or more3. The median rent price is $3,3004.
General Expenses
A single person’s cost of living is estimated to be $6,385 per month, while a family’s cost is around $12,770 per month1. These costs include rent, groceries, utilities, and other miscellaneous expenses1.
Living Standards
The average cost of living in San Francisco is $3,586.65 per month5. The cost of living in San Francisco is 25% higher than the state average and 76% higher than the national average6.
Property Cost
The typical home price in San Francisco is expected to fall by 4.8% over the next 12 months, landing at around $1.1 million7. This is the lowest figure the city has seen since 20197.
Insurance
Several companies offer insurance services in San Francisco. For example, Zurich North America Insurance provides risk management and commercial insurance8. Merriwether & Williams Insurance Services offers customized insurance solutions to minimize risk9.
Income
Personal income in San Francisco was $155,819 per capita in 202210. This was down 2.6% from 202110. San Francisco had the #3 highest income per capita out of 58 counties in the state included in the data10.
Miscellaneous Costs
The meals & incidentals rate (M&IE rate) of $79.00 is intended to cover the costs of a single day’s worth of meals and incidental costs (such as tips and parking) based on the average cost for these expenses in the San Francisco area11.
Transportation
For transportation, including buses and cable cars, single rides cost $2.50, and unlimited monthly passes cost $8112.
Healthcare
For 2024, medium-sized covered employers must spend $2.34 per hour payable (up to a maximum of $402.48 per month, based on a maximum of 172 hours payable) and large covered employers must spend $3.51 per hour payable (up to a maximum of $603.72 per month, based on a maximum of 172 hours payable) on their covered employees’ health care13.
In conclusion, while the cost of living in San Francisco is high, it offers a vibrant lifestyle, a thriving job market, and beautiful surroundings that many find worth the cost.
What are some affordable neighborhoods in San Francisco?
here are some of the most affordable neighborhoods in San Francisco in 2024:
- Bayview: Known for having the best weather in the city, Bayview has numerous playgrounds and parks. The median cost of buying a property is $906,500, and the median rent for a 1-bedroom apartment is $2,2781.
- Visitacion Valley: This neighborhood is best for outdoor activities. The median cost of buying a property is $950,0001.
- Inner Richmond: This neighborhood offers a mix of urban and suburban feel. The median cost of buying a property is $1,200,0001.
- Inner Sunset: Known for its diverse food scene and proximity to Golden Gate Park. The median cost of buying a property is $1,300,0001.
- Nob Hill: Known for its old-world charm mixed with a sense of modern affluence. The average rent for a 1-bedroom apartment is $2,4232.
- Lower Nob Hill: Known for its lively nightlife and dining scene. The average rent for a 1-bedroom apartment is $2,4952.
- SoMa (South of Market): Known for its tech companies and loft apartments. The average rent for a 1-bedroom apartment is $3,6002.
- Civic Center: Known for its government and cultural institutions. The average rent for a 1-bedroom apartment is $3,5002.
- Lower Pacific Heights: Known for its Victorian homes and upscale boutiques. The average rent for a 1-bedroom apartment is $3,2002.
Please note that these prices can vary and it’s always a good idea to check the latest listings and consult with a real estate professional. Happy house hunting!
Are there any tax breaks for homeowners in San Francisco?
Yes, there are several tax breaks for homeowners in San Francisco:
- Homeowners’ Exemption: If you own and occupy your home as your principal place of residence, you may be eligible for an exemption of up to $7,000 off the property’s assessed value, resulting in a property tax savings of approximately $70 to $80 annually12.
- Empty Homes Tax (EHT): The Empty Homes Tax was approved by San Francisco voters on November 8, 2022, and became effective on January 1, 2024. It imposes a tax on keeping certain residential units vacant for more than 182 days in a calendar year3. However, single-family homes and duplexes are exempt4.
- Proposition 13: This California law caps property tax increases at 1% of the value per year, with re-assessments coming only upon sale or significant renovation5.
Please consult with a tax professional or the local tax authority to understand these benefits fully and how they may apply to your specific situation. It’s also important to note that tax laws can change, so it’s a good idea to stay updated on the latest information.
How does the cost of living in San Francisco compare to other major cities?
The cost of living in San Francisco is known to be one of the highest in the world. Here’s how it compares to some other major cities:
- San Francisco, CA: To maintain your standard of living in San Francisco, CA, you’ll need a household income of approximately $53,709. The cost of living is 30.33% lower in San Francisco, CA1.
- Sunnyvale, CA: The cost of living in Sunnyvale, CA is higher in terms of housing but lower in terms of healthcare and miscellaneous goods and services1.
- United States Average: The cost of living in the United States on average is $2434, which is significantly lower than in San Francisco2.
- London, United Kingdom: The cost of living in London is also high, with an average cost of $19942.
- Tokyo, Japan: Tokyo is another city with a high cost of living, with an average cost of $10642.
Please note that these are average costs and individual experiences may vary. It’s also important to consider factors such as income opportunities and quality of life when comparing the cost of living between cities. For a more detailed comparison, you might want to use a cost of living calculator134.