Only because of how insane housing in SF is.
For comparison I own a 2br apartment in Melbourne, Australia. It takes about 15 minutes to walk from here to the heart of the city. My mortgage repayments (including interest) are about $700usd/month.
For comparison I own a 2br apartment in Melbourne, Australia. It takes about 15 minutes to walk from here to the heart of the city. My mortgage repayments (including interest) are about $700usd/month.
Melbourne is not cheap, there must be more to this story. The average house price in Melbourne is $855,428. A $600k unit, 20% deposit, 25y mortgage, cheap 2% rate is $1.4k or USD 1k. + strata fees
The numbers work out because I had a decent deposit when I bought - which I should have mentioned above since it certainly brings the repayments down. And (I think) let my mortgage broker negotiate for better rates.
I guess it's possible if you took out an interest-only loan for only a fraction of the purchase price, but then you've painted a highly misleading picture.
Problem with SF is some neighborhoods are being neglected. There’s no penalty for lawless vagrancy, not even a “shoo shoo”. I’ve seen portapotties set up next to tent camps. I guess that’s better than street shitting but it’s a major disappointment to see tent cities encouraged.