Cost of Living San Francisco: All You Need To Know

San Francisco, California, has a 25% higher cost of living than the state average and a 76% higher cost of living than the national average. Housing costs in San Francisco, California, are 202% higher than the national average, and utility costs are roughly 33% higher. When it comes to essentials like food and clothing, San Francisco, California, has higher grocery and apparel prices than the rest of the nation by about 22% and 22%, respectively.

Dental and medical care are 29% more expensive here than they are on average in the United States. In addition, non-essential costs like entertainment and grooming services cost 22% more in San Francisco, California.

Cost of Living San Francisco

With a BestPlaces Cost of Living score of 245.5, San Francisco, California, is 145.5 percent more expensive than the national average and 63.8 percent less expensive than the average for California when it comes to housing, food, child care, transportation, health care, taxes, and other needs.

The average cost of a home is $1,237,600, which is 266.0% more than the $338,100 national average and 68.7% more than the $733,500 average cost of a home in California. San Francisco rents two-bedroom apartments for $3,250 a month, which is 127.3 percent higher than the $1,430 national average and 33.8 percent more than the $2,150 state average.

A minimum yearly income of $108,800 for a single individual and $237,240 for a family is recommended to live comfortably in San Francisco, California.

The US average of 100 serves as the basis for our cost of living statistics. San Francisco is more affordable than the US average if the number is less than 100. San Francisco, California, is more expensive if its cost of living index is higher than 100.

What does it cost to live in San Francisco?

San Francisco’s typical cost of living is not for the timid. The city’s cost of living is much higher than the national average, at 79 percent, and 28 percent higher than the average cost of living in California, according to statistics from RentCafe.

The cost of living in San Francisco is expensive due to several daily expenses, such as utility bills, which are 32% more than national averages, food prices, which are 31% higher, and transportation costs, which are 38% higher. However, the majority of people’s expenses are primarily made up of housing costs, which are equally likely to give you sticker shock.

The following factors directly influence the cost of living in San Francisco, California:

#1. San Francisco housing costs

Like a large portion of California’s real estate market, San Francisco has exorbitant housing costs. RentCafe reports that you need to budget a whopping 207 percent more than the national average, whether you’re purchasing or renting.

If you want to buy a home in San Francisco, you’ll need a sizable bank account (possibly helped by one of the numerous well-paying tech jobs). Redfin estimates that as of April 2023, the median sale price in this area was slightly over $1.33 million. This indicates that the majority of the houses that were sold in April brought in more money than that. At roughly $3,313 per month, according to RentCafe, renting here isn’t all that economical. Many Americans can’t afford these fees at all.

#2. The Labor Market

San Francisco is home to numerous large employers, yet in recent years, the city has suffered greatly from layoffs. Here, in 2022, 166 employers laid off about 24,000 workers. Large-scale staff cuts in the internet sector, particularly at Bay Area-based giants like Twitter, Meta, and Alphabet, garnered headlines last year. The upcoming year appears to be just as difficult, with forecasts indicating that employment will keep declining.

The high salaries earned in the city help to partially offset the high cost of living there. According to ZipRecruiter, the average pay in San Francisco as of May 2023 is $94,480. According to the report, most wages in the city fall between $76,000 and $112,000 on average. In contrast, according to Census data, the median household income in the United States was $707,784 in 2021.

#3. Food costs

According to RentCafe, food prices in San Francisco are almost 31% higher than the national average. More information about how much you should budget for food in San Francisco may be found using the MIT Living Wage calculator: It states that the annual food bill for an adult living alone in the city would be approximately $4,686, while the price for an adult with one child would be $6,916. A child and two adults would have a yearly food bill of $10,702.

You can compare the prices of certain food items in San Francisco with those in another city by using Bankrate’s cost of living calculator. Milk costs approximately $3.38, eggs $3.83, and bread $5.04.

#4. Transportation

The public transit system in San Francisco is well-developed and includes the city’s well-known cable cars in addition to buses, trains, and ferries. The Bay Area Rapid Transit (BART) fare structure is based on the distance traveled. Muni, the city’s bus and metro system, charges $2.50 for a single adult ticket and $81 for a monthly pass.

#5. Taxes

San Francisco has high taxes, just as a large portion of California does. First and foremost, California has some of the highest state income tax rates in the country. Applicable exclusively to taxable income over $572,980 is the highest rate of 12.3%. If your total income exceeds $1 million, you will be subject to an additional 1% surtax.

#6. Cost of Utilities

San Franciscans experience lower utility costs than residents of other cities. Because of the moderate climate of the city, central heating and air conditioning are rarely needed, which lowers gas and electricity costs. Basic utilities can be covered for renters for a comparatively cheap monthly cost of about $150. The average monthly cost increase for adding internet is $70.

Cost of Living in San Francisco vs Seattle

Both San Francisco and Seattle are renowned for their breathtaking natural settings and plenty of outdoor activities. However, they also differ from one another.

Living in the San Francisco Bay Area, we adore San Francisco, but in this essay, we won’t be biased.

Let’s examine ten important variables, such as weather, cost of living, and attractions, that set Seattle apart from San Francisco.

#1. House Expenses

San Francisco has long been recognized for having one of the most difficult housing markets in the US, in addition to its absurdly pricey homes.

However, Seattle has seen a sharp rise in housing demand, which is indicative of a price hike. However, Seattle remains more reasonably priced than San Francisco, even after that rise.

#2. Food Expenses

Numbeo reports that supermarket prices are 13.5% higher and restaurant charges are 5.3% higher in San Francisco. The higher cost of living and greater concentration of specialty food producers in San Francisco account for the city’s higher grocery prices.

#3. Costs of utilities

Numbeo reports that San Francisco’s utility costs are 4.5% higher than Seattle’s.

However, depending on the precise location and structure, utility costs might also differ significantly within any given metropolis.

Your utility bills might be cheaper in a newer, energy-efficient building in San Francisco than in an older, less energy-efficient building in Seattle, for instance.

#4. Vacation

Both cities provide a wide range of outdoor activity possibilities due to their proximity to the Pacific Ocean and mountains.

Since there are mountains, forests, and waterfalls all around Seattle, these activities are popular there.

#5. Accommodation

Seattle and San Francisco provide a range of lodging options, from budget motels to five-star luxury establishments.

While districts like Capitol Hill and Ballard provide a mix of mid-range hotels and vacation rentals, downtown Seattle is home to a concentration of upscale hotels, including the Fairmont Olympic Hotel and the Four Seasons Hotel Seattle.

#7. Nightlife

Both cities have a very vibrant and well-established nightlife culture.

Jimi Hendrix, grunge music, and many other outstanding musicians came from Seattle. It’s crammed with taverns, pubs, and clubs that play a wide range of musical genres, including rock, jazz, and more.

But just because of how incredibly diverse its evening scene is, San Francisco wins this round. The city offers an unparalleled variety of music, performers, and fans

#8. Food

The incredibly diverse dining scene in San Francisco is among the first things you’ll notice. Ethnic eateries from nearly every nation on the globe are available. Additionally, the city is home to some of California’s top hotspot restaurants.

Meanwhile, salmon and an abundance of Asian eateries are two of Seattle’s most well-known seafood offerings.

#9. Public transportation

You can get by without a car in both cities, especially considering the insane traffic you’ll encounter in either case.

King County Metro Transit in Seattle has a bus network that serves the city and its environs.

#10. Healthcare

San Francisco generally costs more than Seattle does for medical care. Both residents and visitors to the city are likely to incur some of the highest healthcare costs in the nation in San Francisco.

Seattle’s healthcare expenses are generally less than those in San Francisco, even if they are still high when compared to other American cities.

Cost of Living San Francisco vs New York

Although residents of both renowned metropolitan landscapes—New York City and San Francisco—pay a premium to live there, these cities are recognized for their robust real estate markets and lively cultures. Comparing the costs of living in New York City with San Francisco is a wise move for anyone considering moving there, be it a visitor or a house buyer. By concentrating on important aspects like housing, transit, and daily costs, readers may investigate the subtle differences between these two fascinating cities.

#1. Housing Costs in NYC vs. San Francisco

It can be challenging to compare home costs between San Francisco and New York City. It’s no secret that both locations have among the priciest real estate markets in the country, so don’t anticipate a significant price difference. San Francisco is the more affordable of the two cities in terms of housing costs.

In Manhattan, renters must pay almost $1,000 more a month. Manhattan real estate is more expensive than San Francisco real estate, but Bronx real estate is listed for a median price that is much less than that of almost any San Francisco district. With a population roughly ten times larger than the City by the Bay, New York City offers a significantly wider variety of housing possibilities.

#2. Utilities

Overall, San Francisco residents pay more for utilities than people in New York City. This is generally true when comparing the West and East Coasts; the biggest disparity is found in the cost of electricity. In California, the average monthly utility cost is approximately $270, whereas in New York, it is closer to $180. In NYC, the cost of piped gas and electricity is about average for the country.

In a similar vein, water bill prices in NYC should be anticipated to be near the national average. The West Coast’s ongoing droughts and shortages make water costs worse.

#3. Food Prices in NYC vs. San Francisco

Foodies really can’t go wrong in New York City or San Francisco, since they both have some of the most innovative dining options in the nation. Fortunately, the prices are quite similar in each place. San Francisco offers significantly more inexpensive rates overall, with greater deals on groceries and meals. NYC, however, offers a wider variety of selections and less expensive street food. Here’s a deeper examination of the details.

#4. Transportation Costs in NYC vs. San Francisco

Another indicator that shows how similar San Francisco and New York City are to one another is that they both have among the greatest public transit systems in the nation. The majority of people in New York City utilize cabs or public transportation to move around, and the city’s public transportation system can accommodate the city’s population demands. Additionally, it is less expensive; an average Metropolitan Transportation Authority (MTA) journey costs $2.75, whereas San Francisco’s BART rides cost $3.78 on average.

#5. Healthcare Costs in NYC vs. San Francisco

If your family prioritizes healthcare, NYC is a better choice. Its vast array of top-notch private institutions complements the largest public healthcare system in the United States. While the Bay Area offers excellent healthcare, the range of options for medical treatment is not the same. Additionally, many of the finest professionals in the nation are based here.

In contrast, California’s healthcare expenses have skyrocketed due to a lack of competition among physician groups. Expect to pay more than 20% extra in San Francisco, particularly in the areas of general health, optometry, and specialty medicine.

#6. Entertainment Costs in NYC vs. San Francisco

There’s always something to do in NYC or San Francisco when you want to relax, no matter what day of the week. While there are sports aficionados in both cities, San Francisco offers more expensive sports tickets for all major sports.

NYC also has somewhat more expensive daily entertainment expenses. Movie tickets can cost as much as $28 in some of NYC’s most affluent districts, yet they only cost roughly $20 in San Francisco. Still, it’s difficult to argue against New York City’s excellence when it comes to raw entertainment value.

#7. Average Salaries in NYC vs. San Francisco

San Francisco generally has higher average salaries than New York City. The median household income, which is $96,265—nearly $40,000 higher than in New York City—is one indicator of this in particular. According to average hourly job offers, San Francisco pays 3.9% more than the national average.

What salary do you need to live in San Francisco?

San Francisco, on the other hand, needs the highest take-home pay—more than $84,000 after taxes—to support a comfortable standard of living. Southern California saw an almost 30% increase in income requirement this year; the Riverside metro region, for instance, saw the sharpest one-year increase in required income, up 27.28% from 2022.

How expensive is it to live in San Francisco?

Without rent, a family of four is expected to spend $6,054.5 per month. Without rent, a single person’s projected monthly expenses are $1,678.4. Without rent, San Francisco is 8.2% more costly than New York. San Francisco’s average rent is 6.8% less than New York’s.

How much does it cost to live in San Francisco as a student?

Students in San Francisco typically pay between $2,627 and $2,643 per month for living expenses. Several things make living in this city appealing. When compared to other American cities, it does have somewhat higher living expenses.

Who can afford to live in San Francisco?

The organization claims that anyone earning San Francisco’s minimum wage of $14 per hour can easily afford a $728 rent payment. To finance a single bedroom, a minimum-wage worker would have to work 161 hours per week.

Summary

Housing costs, taxes, food prices, and transportation costs are just a few of the variables that affect how much it costs to live in San Francisco. See a financial expert if you’d like to live by the bay and need assistance making the move financially feasible.