SAN FRANCISCO (CBS SF) – Prospective San Francisco homebuyers looking to save for a down payment will have to belt-tighten much more than foregoing a daily Starbucks or restaurant meal, according to a new analysis.
Realtor.com analyzed median home prices in the nation's 15 largest metropolitan areas in May, along with the average percentage that buyers put down on a home.
Not surprisingly, San Francisco had the highest median home price among the markets analyzed, at $875,000. The average down payment in the market was 21.8 percent or $190,750, also the highest.
Realtor.com also showed how much buyers would need to save each day to make the down payment, assuming home prices would not change over time. To make the goal within five years, they found a buyer would need to save $104.46 each day.
The website found a San Francisco homebuyer would need to save the equivalent of about 23 Starbucks grande Caramel Macchiatos ($4.45) a day.
Prospective homebuyers looking to save a down payment within 10 years would need to save $52.23 per day.
By comparison, homebuyers in the Los Angeles market would have to save $67.95 a day for five years to make the average down payment on a median price home. Meanwhile, homebuyers in New York would need to save $38.99 a day for five years.
Several metropolitan areas remain bargains by comparison, where homebuyers can save up less than $20 a day to acquire the average down payment in five years. They include Chicago ($19.44 a day), Philadelphia ($15.57), Atlanta ($14.78), Detroit ($13.14) and Minneapolis ($18.03).
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