Marin County is undeniably beautiful and the weather is wonderful. People often visit Marin County or hear about it from friends that have visited and want to know what it takes to live here. I just spoke with someone about this again today and thought I’d turn into a blog post so that it could be easily shared. Keep in mind that inventory is very low, meaning that there aren’t very many homes available for sale or for rent, which is driving the prices. Whether you are interested in buying or selling you are going to have to be able to compete.
That said, here are some fast facts:
According to the US Census Bureau the median household income in Marin County is about $91,000 annually.
The median Single Family Home sales price in Marin County for the past six months is $1,030,000 with the average selling price being $1,381,804.
The median original list price of these homes was $999,000.
The median Condo/Townhouse sales price in Marin County for the past six months is $477,750 with the average selling price being $557,763.
The median original list price of these condos was $479,000.
In order to qualify for a mortgage of $594,320 on a purchase price of $742,900 (the San Francisco Bay Area average), you would need to have an annual income of at least $142,448.
According to Realtor.com the average rental rate in Marin County right now is $6378.
In order to qualify for that rental you would need to show monthly income of $19,134, or $229,608 annually.