San Francisco is a great place to live if you are looking for a dynamic lifestyle, a lively art scene, job opportunities in the tech sector, and generally being in the center of all things hip. However, you have probably heard about the extremely high cost of living in San Francisco and the city's homelessness crisis. This is not to say you won't find a place in San Francisco, but you should be aware of the financial security needed to secure a comfortable home and the competitive nature of the housing market.
Where to live in San Francisco: Neighborhoods
The first thing you should look into before starting your apartment hunt in San Francisco is the city's neighborhoods. The neighborhood you choose to live in can affect your lifestyle, your impression of the city, your quality of life — and, clearly, your rent.
The key to the uniqueness of San Francisco is its cultural diversity. Although the city is small in size when compared with some other US cities, its cultural diversity makes every block stand out and every neighborhood distinct. When searching for the best place to settle in the city, consider a number of factors: Is it close to work? Are there good schools in the area? Does the area match your lifestyle? Will you have access to all the amenities you need?
SoMa (South of Market)
SoMa is one of the most well-known neighborhoods in San Francisco. It's a vast area with an interesting history and an exciting present. SoMa used to be a primarily industrial district that was then transformed into a tech hub during the dot-com boom. Today, it is one of the coolest neighborhoods in San Francisco, home to startups, art galleries, hip restaurants, dive bars, and lively nightspots. It is also a fun and affordable place to settle for young professionals. The average rent for a studio in this neighborhood is around $2,999.
Marina
If it is luxury you seek as an expatriate, then you might need to turn your attention to the Marina. Located at the waterfront, the Marina provides its residents with arrays of restaurants, exotic boutiques, and a front-row seat to examine the charming homes of the rich and influential. Here, you will also find popular tourist attractions like the Golden Gate Bridge, Crissy Field, and the Palace of Fine Arts. Marina also has a very interesting history: the neighborhood used to be a swamp until it was chosen as the site of the 1915 Panama Pacific International Exposition. Today, it's an affluent neighborhood offering a comfortable lifestyle and all the amenities you might need. The average rent in Marina is around $2,895.
Pacific Heights
This is one of the coolest neighborhoods in the city, offering stunning views of the coast, the bridge, and the island. Pacific Heights is also home to the most expensive and exclusive stretch of land in the city known as the Gold Coast — one of the most expensive areas to live in the US. You can find more affordable areas in Pacific Heights — but, in general, the neighborhood is known for its pricey restaurants, luxurious boutiques, and fancy private schools like Waldorf One. Rent for a studio averages $3500.
Noe Valley
Noe Valley is located in the central part of the city. The neighborhood went from a mainly working-class area to an upscale district favored by professionals. The streets here are lined with cafes and boutiques, and the neighborhood is very bike-friendly. Noe Valley would also be a great fit for families with kids. Renting here is relatively expensive — the average rent for a studio is around $2,600.
Sunset District
Sunset District is the largest neighborhood in San Francisco, home to over 95,000 people. It includes three sub-neighborhoods: Central Sunset, Inner Sunset, and Outer Sunset. To locals, this area is also known as “The Avenues” because the neighborhood is laid out in rows of houses. Outer Sunset is the farthest neighborhood from the city center — and the commute can be quite complicated. However, it offers a nice suburban feel, a relaxed atmosphere, and affordable rent. Inner Sunset is known as a very walkable neighborhood with a strong community feel, and Central Sunset is quite popular among families with children. If you move to Sunset District, you will need to brave a chilly fog that covers the area from May to August. The average rent here for a one-bedroom apartment is around $2,700.
Richmond District
Richmond District is located in the northwestern part of the city. It's a quiet and serene neighborhood, great for families and everyone looking for a calm environment to settle in. There are four sub-neighborhoods in Richmond: Outer Richmond, Inner Richmond, Central Richmond, and Lake Street. Outer Richmond is generally considered the best place to live — the area is very diverse, with a strong mix of Chinese, Russian, and Irish cultures.
The cost of living in San Francisco
The average rent for an apartment in San Francisco is $3,336. The cost of rent in San Francisco varies depending on several factors, including location, size, and quality. The cost of living in San Francisco can be relatively high for expats. Housing, groceries, transportation, and entertainment expenses can add up quickly. It's important to budget carefully and consider your financial situation before making the move.
Currently, the competitiveness of the real estate market in San Francisco has led to a very high increase in the cost of living for residents. The city is densely populated, and available houses do not stay on the market for too long.
Types of accommodation and rent prices in San Francisco
Apartments in San Francisco can be very pricey and tend to range from expensive to very expensive. In fact, accommodation prices leave a big hole in the budget of every expat living in San Francisco. Since the cost of buying a house is higher, most expats prefer to rent a house and pay for all the extra utilities that the house has to offer. However, those who wish to settle down permanently should consider buying a house since mortgages sometimes cost less than rent.
In general, various factors, like road links, schools, and transport, should be considered before choosing accommodation. However, expats on low budgets are advised not to get accommodation in affluent neighborhoods and look towards areas where the cost of accommodation prices are considerably low. To get the best out of your budget, room- or flat-sharing is recommended. Having roommates is quite common in San Francisco, and you will find lots of ads on local websites offering shared accommodation.
Leasing conditions and formalities in San Francisco
Lease conditions for expats in San Francisco typically outline details like rent amount, lease duration, and security deposit requirements. They may also cover terms related to maintenance responsibilities, utilities, and any included amenities. Understanding these conditions before signing a lease is important for a smooth stay in the city.
The lease agreement must be drawn between the expat and the landlord before moving into the apartment. The duration of the lease is entirely dependent on how long the expat would be renting the apartment. It could be three months, twelve months, or more.
The conditions and terms of the lease do not change throughout the lease period. Hence, conditions cannot be changed overnight, and this is one of the most prominent benefits of a lease agreement in San Francisco. Expats can hold on to the apartment for more extended periods without having to comply with new conditions and demands for homeowners.
The procedures for getting a lease are similar to that of a rental agreement. The legal agreement between the tenant and landlord should contain the following:
- the name of the parties involved;
- the rental period;
- the total amount paid by the tenant and received by the landlord;
- rules and responsibilities of the landlord and tenant.
Here are a few other things to consider when signing a lease in San Francisco:
- inspect the property in person before renting; consider asking a friend for a walk-through if unable to view it yourself;
- check the leasing agreement's guest policy to ensure accommodation for long-term visitors;
- students should review the guarantor clause if needed; typically, parents are involved;
- obtain written documentation for property rules to avoid disputes and ensure clarity;
- seek expert advice from a lawyer or real estate agent for legal clarity;
- adhere to the lease agreement's terms to avoid eviction due to non-payment, nuisance, or rule violation.
Buying property in San Francisco
As you have probably figured out by now, buying a house in San Francisco is incredibly expensive. In 2023, the median home sold price was $1.3M. Obviously, this price varies drastically between neighbourhoods and even within neighbourhoods depending on the kind of home you are buying but there's no denying that it's a huge financial investment and out of reach for many – which has contributed to the current housing crisis in the city.
Aside from the expense, buying property in San Francisco can be a complex process, especially for expats who may not be familiar with the local real estate market and regulations. There may be regulations or hidden fees you are not aware of. Here are some key things expats should know when considering buying property in SF.
Local real estate agents
It's advisable to work with a local real estate agent who has extensive knowledge of the San Francisco market. They can help you navigate the market, find suitable properties, and negotiate on your behalf. They will have insider knowledge that makes the whole journey much easier to understand.
Financing
Expats may face unique challenges when it comes to financing a property purchase. It's essential to explore your financing options, including mortgage loans, and understand the requirements, interest rates, and down payment expectations. It may be necessary to work with a US-based lender or international financing institutions.
Legal and tax considerations
Seek legal advice from an attorney who specializes in real estate transactions to ensure that you understand the legal aspects of property acquisition in the United States. Additionally, expats should be aware of the tax implications of owning property in the US, including property taxes and potential capital gains taxes.
Visa and residency status
Expats should be aware of their visa and residency status in the United States. Some visa types may have restrictions on property ownership, and your immigration status can impact your ability to purchase property.
Homeowners' Association (HOA) fees
If you are purchasing a condominium or property in a planned community, there may be HOA fees. These fees cover maintenance and services in the community and can vary widely. Make sure to understand these costs and what they include.
Closing costs
Understand the closing costs associated with the property purchase, which can include real estate agent commissions, title insurance, and other fees. These costs can add significantly to the total expense.
Everyday life in San Francisco
We can guarantee that you won't run out of things to do in the city of San Francisco. You can explore every cranny of the city, from its beautiful coastline to its steep, historic streets. Whether you're outdoorsy, into art, music, fine dining, drag shows, or antiques, there's something for everyone in San Fran.
The Bay Area is a great place to maintain an active lifestyle. You can start the day by hiking the Land's End Trail or head to Marin Headlands for beautiful views of the Golden Gate Bridge. Local eateries offer an abundant choice of healthy food options from all over the world, and you are sure to find a gym and a yoga studio within walking distance from your home.
It is no surprise that a lot of people move to San Francisco for work opportunities. The city is known as the world's hub for all things tech and is home to the famous Silicon Valley. Here, you will find the headquarters of tech giants like Google and Facebook. The region employs more than 400,000 techies, which is a huge 11.6 percent of total Bay Area employment. That's the highest in the US. This makes the city popular with young job seekers, new graduates as well as experienced professionals looking to further their careers.
Living in San Francisco can be an amazing experience. In order to make it the best it can be, make sure to do more research prior to your move. Look into job opportunities in San Francisco, what student life in the city is like, how to adjust to a new culture — and more.
We do our best to provide accurate and up to date information. However, if you have noticed any inaccuracies in this article, please let us know in the comments section below.
