Break out the winter blankets! San Francisco weather has gotten properly chilly now, which is just fantastic. You do have winter blankets, right? Who can afford to heat the home during slumber hours? Besides, I’m Asian: winter heating is for emergencies only, not a regular occurrence.
Granted, I’d for sure be singing a different tune if I lived in a place with a true winter.
The dream of course would be to have a house with enough solar panels and batteries to climate control the home year round. But that’s putting the horse way before the cart. Can I even buy a house, anywhere in the Bay Area? Get back to work, peasant.
San Francisco has a low income home buying program for people like me. Don’t let the low income term fool you though because it’s all relative. You can cross six figure annual and still be too poor for housing in this town. The issue I have with the program is that what’s available are all condominiums. Single family home? Not a chance.
I love condos, just not in this country. In Asia with fast and reliable public transportation, and many shops clustered in neighborhoods, condominiums make sense. Car ownership is entirely optional. Here in America, it’s the opposite - and that’s okay! That means the one bedroom on sale for $400,000 with no parking is not going to work.
Then there’s the HOA fees. I don’t see how this one bedroom gets resold when the monthly HOA fee (nearly $1,700) is likely more than the monthly mortgage. Even at the more normal $500 - $700 going rate, I feel like I’m not getting an enough return on that money. Mortgage payments are a kind of stored value; taxes, insurance, and HOA fees are gone forever. Nothing we can do about taxes and insurance, obviously, so HOA is best avoided.
Honestly, if I’m putting down some considerable sum for a home, it’s got to be a proper single family house, with a garage and a yard. My own kingdom that’s beholden to no-one, except for the municipality collecting taxes. This may not happen anytime soon, given the Bay Area housing market, and my current meager salary. But opting for the SF home buying program would simply be an ultimately unsatisfactory solution.
Tetris.