San Francisco is a beautiful place to live. The weather is warm, the city is lively and you have some fantastic scenery on your doorstep. San Francisco is always popular with people looking to relocate but there is no denying the fact that in general, it is more expensive to live here than other US areas and cities.
So how much money do you need to live in San Francisco? Let’s take a look.
Your rent of course will be the most expensive cost to living in San Francisco. On average a one bedroom apartment costs a whopping $3, 367 pcm with a two bedroom apartment kicking in at around $4634. Obviously if you are relocating for work it is important to consider your budget before you take that job or you could find yourself priced out before you start.
That said there are good deals to be had at the moment. The COVID pandemic has caused rent prices to drop so although you are never going to find a dream home at a low low price, you could get a good deal if you act before the prices rebound again. Renting now and locking yourself into a 2 year agreement will save you money in the long run.
Another option is to flat share. Sharing an apartment with a friend or roommate is a great way to keep the cost down. How much money do you need to live in San Francisco can be reduced by apartment sharing and if you are new to the city it can give you more social connections too. It is important to get on with your roommate or roommates of course, but many younger incomers to the city choose this option.
How much money do you need to live in San Francisco will also depend upon general living costs such as transport, childcare, parking and taxes. And again these can be high.
According to research, some families spend as much as $20,000 pa on childcare alone so this wonderful city is not going to suit struggling couples on a tight budget. You also need to factor in the costs of your food, your social life, your commute to work and more.
In answer to the question, how much money do you need to live in San Francisco, the simple answer is that it needs to be less than your income. This means that the only way you can know whether you can afford to relocate, is to carry out a strict budget assessment of your finances. San Francisco is wonderful but it is one of the most expensive areas in the USA so do your homework before you commit to a move.