Don't forget property tax that you're paying directly if you own or indirectly if you rent. If you rent, your property tax is likely a third of your rent in SF,

Don't forget property tax that you're paying directly if you own or indirectly if you rent. If you rent, your property tax is likely a third of your rent in SF, to put it in perspective. The average home price in The Bay is $1.3M. Because of prop 13, most owners aren't paying tax on that much, but most renters are paying pretty close (most units are relatively new stock). This comes out to $23,400 a year in taxes per house/condo. SF median salary is $96k. Obviously the average person making $96k ($67k after income taxes) isn't paying $23k in property tax, but I think it helps give an idea at how big of an expense this is to most renters...