Our Terms of Service and Privacy Policy have changed.

By continuing to use this site, you are agreeing to the new Privacy Policy and Terms of Service.

7 of 10
BACKNEXT
San Francisco Calif: 2nd least affordable metro area
San Francisco Calif.
$575,000: A 1-bed, 1.5-bath condo in the heart of the city.
See More Views:
1 2 3
Median home price: $575,000
Median income: $94,300
Affordability score: 20.6%

Home prices have been in steady decline in the Bay area since the second quarter of 2006, when the median house sold for $769,000, according to the NAHB-Wells Fargo Housing Opportunity Index.

Even though median income, at $94,500, is among the highest in the nation, the median price of $575,000 during the last three months of 2008 meant only 20.6% of homes sold were affordable for the typical San Francisco metro area family.

Unlike most California housing markets, San Francisco's has, so far, managed to avoid a widespread foreclosure problem; only 7,200 households had foreclosure filings last year, fewer than 1% of all households. Still, that's double the rate of 2007.

NEXT: Nassau/Suffolk NY: 3rd least affordable metro area
Last updated February 26 2009: 12:46 PM ET
More Galleries
10 of the best beaches near airports Wait out your layover in the transit lounge? Or grab some sun, sand and surf? More
World's Top Employers for New Grads For an exclusive CNNMoney list, research firm Universum Global surveyed business students at colleges around the world to see where they most want to work. More
A White House press briefing as told by CNN's sketch artist The White House started banning cameras during some briefings, so CNN sent in sketch artist Bill Hennessy. More

Special Offer