A new report by real estate brokerage Trulia reveals how much a condo could cost you if you live in the suburbs.
The study, which uses data from the Census Bureau, found that the average value of a condo in the San Francisco Bay Area is $846,000, while the median price is $1,300,000.
This figure is much lower than the national average of $1.7 million.
In comparison, the median home price in the Los Angeles metro area is $2,907,000 and the median income is $62,000 according to Trulia.
A lot of condos are located in low-income neighborhoods, where they often lack many amenities, said Trulia’s chief economist, David Schmitt.
These are often the neighborhoods with the lowest income levels, and they tend to be the ones that have higher property values.
But, in the Bay Area, many of these homes are located close to major transit hubs, making it easier for commuters to commute.
The city of San Francisco is among the cities that has a high concentration of condos in the Mission, where the median median home value is $539,000 while the average price is nearly $1 million.
This is particularly true in the city’s Mission District, where there are nearly 8,000 condos in total.
Trulia found that a typical condo includes three bedrooms, a bathroom, a garage, a parking space and a second bedroom.
“A lot, a lot of the high-end units, if they’re not attached, are very easy to walk to,” said Trula’s Schmitt, adding that the commute from downtown San Francisco to the city can be extremely lengthy.
“The commute from San Francisco can be 15 minutes to a block and a half or more,” he said.
“It’s very frustrating for people who are trying to make the commute.”
According to Trululia, the average monthly rent for a San Francisco-area condo is $4,500 and the average condo owner is an average of age 54.
A similar study by the real estate analytics firm Zillow found that San Francisco has a median home ownership rate of 56 percent and the home value of $856,000 is just above the national median home worth of $760,000 or $9,700 a year.
The San Francisco median household income is just over $55,000 a year, according to Zillows data.
Trulia said that many of the most expensive condos in San Francisco come in the upscale Marina district, where home values are $1 billion.
The Marina district has one of the highest median home values in the metro area, which is also the area where Trulia studied the data.
“I think a lot is going to come down to whether or not you’re going to have a lot more of these luxury condos or not,” said Schmitt of the Marina district.
“You’re going do it for a reason.
You’re going have people who want to live in San Diego and Los Angeles and the Bay area, and you’re not going to want to be a renter.”
The number of condos available in the area also affects the cost of living.
According to Truba, the San Jose, Calif.-area condo market has a population of roughly 9.4 million people, so a $1-million condo would cost roughly $1 a month in rent in San Jose.
The Bay Area has also seen a boom in condo development.
A new condo tower is planned at the Marina Bay Sands, which houses one of San Jose’s largest office parks.
“We see a lot in the form of apartment complexes that are really the next wave of development in San José,” said Shultz of Trulia, adding they often include condos as well.
“In San Francisco, they’re really focused on the luxury condos,” he added.