It’s no secret that San Francisco has earned its claim as one of the most expensive cities in the U.S. to live in. Although the median income in San Fran is impressively high compared to other U.S. cities, the cost of living is even higher.
Combine those two factors with the tech-boom that San Francisco recently experienced (but which is already beginning to wane) you’ve got yourself a recipe for in-debt San Franciscans. But the economic differences can differ in the extreme, even in neighborhoods that are right next to each other.
Some of the San Francisco neighborhoods on this list aren’t that surprising. But there are a couple that you might not expect to be so collectively deep in debt. Even the trendier, upscale neighborhoods of San Francisco have a few secrets to hide in their high-rises!
Here are the 5 most in-debt neighborhoods of San Francisco… one of the priciest places to live in America:
- The Marina
The average monthly rent for a 1-bedroom apartment: $3,250
The average credit card debt: $6,105
The average mortgage debt: $833,570
The average student loan debt: $39,455
The Marina is right on the waterfront of San Francisco. It’s beautiful and romantically foggy, and people will vie for a spot in the Marina neighborhoods so that they can be close to their boats (because people who can afford to live in a good spot in the Marina usually has a boat.) It’s also extremely fashionable at the moment.
But that prime slice of real estate doesn’t come cheap, as every San Franciscan knows. The people in the Marina neighborhood are paying a pretty penny to be that close to the waterfront, so they manage to rack up a massive amount of mortgage debt.
You can live on your boat if you’re looking for a cheaper option. It’ll still cost you about $350 a month, though. And that doesn’t include the normal docking fees and such.
- Pacific Heights
The average monthly rent for a 1-bedroom apartment: $3,275
The average credit card debt: $6,240
The average mortgage debt: $503,451
The average student loan debt: $39,802
Pacific Heights has all those precious little cotton-candy colored houses that tourists picture when they think of a San Francisco neighborhood. It looks like you’re living next door to the Full House cast, for god’s sake. Most of these people can’t afford to live where they do, but they’re stuck with that money-pit pink house.
Pac Heights caters to the stroller-pushing crowd, because it’s super family-friendly, cute, and quiet. But it’s definitely on the upscale side. Even though most of the residents in Pacific Heights own their own homes, their a mile deep under a pile of mortgage debt. Best of luck working that debt off, yuppie parents.
- South of Market (aka SOMA)
The average monthly rent for a 1-bedroom apartment: $2,900
The average credit card debt: $7,253
The average mortgage debt: $420,676
The average student loan debt: $49,309
Residents of the South of Market district, more commonly known as SOMA, are younger than most of the residents in the other debt-ridden neighborhoods. These are young professionals, artists, and a few students.
SOMA is another trendy place to live, and the rent is pricey because of its proximity to lots of entertainment and nightlife. But the heaviest debts in the SOMA area is the overall credit card debt. It’s one of the highest areas of credit card debt in San Francisco, but that’s not too surprising given that the younger residents have to rely more on credit than their older, more established counterparts.
- Noe Valley
The average monthly rent for a 1-bedroom apartment: $2,775
The average credit card debt: $6,505
The average mortgage debt: $581,402
The average student loan debt: $41,357
This data also reflects the nextdoor neighborhood of the Castro, despite their differences in residents and general neighborhood aesthetic. The Castro was one of the first gay districts in the country, and therefore it’s also still one of the trendiest. Which also translates to expensive. The rent in the Castro tends to be a couple hundred dollars per month than the rent of a similar 1-bedroom apartment in Noe Valley.
Noe Valley is a little more buttoned down, but is comparable in price to the Castro. One thing’s for sure: both Noe Valley and the Castro are swimming in debt, particularly for their mortgages, but their student loan debts are nothing to sneeze at either.
- North Beach
The average monthly rent for a 1-bedroom apartment: $3,075
The average credit card debt: $5,804
The average mortgage debt: $970,783
The average student loan debt: $51,761
Like the Castro and Noe Valley, the data for North Beach also encompasses Chinatown. Both neighborhoods are ranked number one in deepest debts of San Franciscan neighborhoods. These people are almost a million dollars in debt from their mortgages, and on average they’re over $50 thousand dollars in debt from their student loans. That’s insane.
It sort of begs the question of why they’re becoming homeowners when they’re probably already so deep in education debts, but then again; why would you live in such a ridiculously expensive area if you can help it.
There’s no doubt that Chinatown is one of the most exciting places to live at in San Francisco if you’re into great food and late night clubs and music. But that’s why it’s so expensive to live there. And that’s why it’s the most in-debt neighborhood in San Francisco.