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Can the Safeway baker who won $1.9M in the lottery actually afford a home in SF?

Can the Safeway baker who won $1.9M in the lottery actually ...
Provocative public bath
  10/19/18


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Date: October 19th, 2018 1:18 PM
Author: Provocative public bath

Can the Safeway baker who won $1.9M in the lottery actually afford a home in SF?

By David Curran Updated 6:47 am PDT, Friday, October 19, 2018

This one-bedroom in the Comstock on Nob Hill recently went on the market for $1.05 million.

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This one-bedroom in the Comstock on Nob Hill recently went on the market for $1.05 million.

A baker at Safeway, perhaps now a former baker at Safeway, won $1.9 million as a 'partial' winner of the Mega Millions lottery, and the first thing on some people's minds was whether this instant millionaire could even buy a house in the pricey San Francisco real estate market?

Or if he even should.

Soon after news of the $1.9 million ticket came out, a Reddit commenter 'haltingpoint' quipped, "Not even enough to buy a place close to work," but this depends on how you define close. After paying his 37% in federal taxes, the baker should have about $1,185,000 left over, which might not get him a place in the Marina, say, on Baker Street, but it could still land him a decent home somewhere in San Francisco.

While the median home price in the city has risen to a whopping $1.62 million, the baker still has plenty of home-buying options, including some we have recently featured on SFGate.

The finer points of the baker's hypothetical SF home purchase then became part of an extended online discussion. There was the inevitable property tax issue: "are you seriously implying that a Safeway cashier has enough future cash flow to support paying property tax and any other expenses that come as a result of being a homeowner?"

But fortunately, other commenters have it all figured out if the baker needs any assistance:

"Depending on the cost of the house that he purchases and how he allocates his money, sure. If he can score a 2 bedroom for less than 900k, charge a roommate $1500 a month for rent for one of the rooms, than that should easily cover property tax and homeowners insurance."

It's good to know that if you win $1.9 million, other people are looking out for you and your future roommate.

(http://www.autoadmit.com/thread.php?thread_id=4110445&forum_id=2#37056615)