San Francisco's Median Home Price: $1M
It's the first time homes in any Bay Area county have hit this milestone
By Jenn Gidman, Newser Staff
Posted Jul 17, 2014 9:27 AM CDT
For the first time, the median price of a home in San Francisco has hit seven figures.   (Shutterstock)

(Newser) – If you’re wondering why you can't afford a home in the City by the Bay, blame the "Google kids": Tech workers with cash to burn are part of the reason that the median price paid for a home in San Francisco just reached $1 million, reports the San Francisco Chronicle. According to a DataQuick report cited in the Chronicle, the median sale price for a new or existing single-family home or condo in San Francisco hit seven figures in June, a first for any Bay Area county.

For the entire Bay Area, the median price for homes closing last month hovered at a relatively more reasonable $618,000. A local real-estate agent tells the Chronicle that the hefty price tag can be attributed to limited inventory and buyers who will pay cash to get their dream homes. Rentals aren’t cheap, either: DataQuick says the average rent in the Bay Area is $2,158 per month, with San Fran rent averaging a wallet-busting $3,229. (Click to read about how some families manage to live in mansions ... on the cheap.)