If you have a kid in the city, you’d better be rich, or just get used to renting. According to a fascinating article in the San Francisco Chronicle entitled “Exodus of S.F.’s Middle Class,” the median price for all houses in the city is a sickening $790,000. A source estimates the yearly income needed to buy a house in San Francisco to be in the neighborhood of $200K.
Do you know who can make $200K and afford a $790,000 house? Two people making excellent full-time incomes. You know who can’t? Parents that cut their working hours to take care of the kid(s). The Chronicle story agrees:
The social consequences for a city where moderate- and low-income families can’t get by are manifold. Many believe it’s the primary reason San Francisco has the fewest children per capita of any major metropolitan area in the United States. In 2006, a group of Potrero Hill parents concerned about declining public school ranks surveyed families that had left San Francisco to find out why they had done so. Fifty-three percent cited the schools; 70 percent blamed housing costs.
For most of the decade, San Francisco Unified School District has lost an average of 800 students per year, which has meant losing an additional $4 million in state and federal funds each time.
“So we offer less for kids in terms of programs and classes,” said Mark Sanchez, president of the San Francisco Board of Education. “It definitely hits us hard.”
So you shell out an insane amount of money monthly to live here, and if you want your kid to get a great education, you have to shell out even more to pay for private schooling. No wonder people split for Redwood City and Pacifica.