Considering a move to San Francisco? The Bay area is a beautiful location and full of rich LGBT history. While moving to this historic city is exciting, it is also a big undertaking financially as San Francisco is one of the most expensive cities in the world to live in. Proactively researching the finances of your move to San Francisco will help you minimize surprises in your budget and help you decide if you can even afford to live there.
San Francisco has one of the largest and most prominent LGBT communities in the world and has been given the nickname of “the gay capital of the world”.
Cost of housing in San Francisco:
The cost of housing in San Francisco is 24% higher than the US average. Your actual cost will largely be driven on which neighborhood you choose and if you decide to rent or buy.
Average of rent in San Francisco: $4,262
Average home price in San Francisco: $1,374,800
Income in San Francisco:
Because the cost of living in San Francisco is so high, a different perspective must be applied when reviewing the income and cost of living equation. To put this into perspective, a family of four living in San Francisco that makes less than $117,400 a year qualifies for low-income assistance. To compare your wage in your current city to a wage required for you to live on a comparable level in San Francisco, check out CNN Money’s cost of living calculator.
Average annual income in San Francisco: $103,801
Minimum wage in San Francisco: $15.00
Taxes in San Francisco:
San Francisco residents pay a lot of taxes. In addition to federal and state income taxes, residents also pay city income taxes.
Sales tax in San Francisco: 8.5%
Income tax in San Francisco: City & State
California state income taxes: 1.0 – 13.3%
San Francisco city income taxes: 1.5%
Jobs in San Francisco:
Assuming you wish to stay long-term, it’s important to review the job market before you move to San Francisco. Many job seekers (particularly those in the technology sector) view the Bay Area as a launching pad to their career. Future job security and affordability in any city is an important consideration for its long term viability. This is especially the case for your move to San Francisco, as the city is not affordable to many.
Fortune 500 Companies in the Bay Area: 36
Adobe Systems, Alphabet, Apple, Applied Materials, Charles Schwab, Chevron, Cisco Systems, Clorox, Core-Mark Holding, eBay, Facebook, Franklin Resources, Gap, Gilead Sciences, Hewlett Packard Enterprise, HP, Intel, Lam Research, Mattel, McKesson, NetApp, Netflix, Nvidia, Oracle, PayPal Holdings, PG&E Corp., Robert Half International, Ross Stores, salesforce.com, Sanmina, Symantec, Synnex, Tesla, Visa, Wells Fargo, and Yahoo