If you don’t mind public transportation or walking, you can live here much cheaper.
Buying a home in San Francisco isn’t cheap, but one real estate agent says you can save over a quarter million dollars — if you can live without a car.
Real estate brokerage firm Redfin compiled a list of the top 10 cities in the U.S. to get around by foot, bike and public transportation, with San Francisco coming in at number one.
“It’s true that most people in San Francisco don’t own cars. It’s said that if you want to own a home that has parking, plan on adding about $300,000 to the cost of your home,” Redfin real estate agent Mia Simon said. “It’s very common for prospective buyers to schedule a series of home tours and travel between tours on foot and via public transit to get a feel for what life would be like at their new home without a car.”
Their research was based on cities with a population size greater than 300,000 and housing close enough to restaurants, grocery stores, parks and jobs, where home owners could commute without a car. The top 10 were…
- San Francisco, California
- New York, New York
- Boston, Massachusetts
- Washington, D.C.
- Philadelphia, Pennsylvania
- Chicago, Illinois
- Minneapolis, Minnesota
- Miami, Florida
- Seattle, Washington,
- Oakland, California
It’s good that interested buyers can find ways to cut down their spending to afford living in the Golden State. Previous research by Redfin suggests the city is one of the least affordable cities in the country to own a home – with a median sale price for homes being over $1 million.
There is some hope for those planning to one day move to the west coast. You can always buy a fixer upper, which in San Francisco will bring the costs down 10 percent – saving buyers roughly $54,000.
Article last modified on March 3, 2017. Published by Debt.com, LLC .