A Different Path to Homeownership in San Francisco: Understanding BMR Homes
Most people assume owning a home in San Francisco is out of reach.
In many cases, that’s true — but not always.
The city has a program called Below Market Rate (BMR) housing, which allows qualified buyers to purchase homes at prices well below typical market value. It’s one of the few programs designed to create a more accessible path into homeownership in San Francisco.
What Is a BMR Home?
BMR homes are part of San Francisco’s affordable housing program, administered by theSan Francisco Mayor’s Office of Housing and Community Development.
These homes are typically located in newer condominium buildings and are sold at prices that are tied to income levels — not the open market.
That means a home that might sell for $800,000–$1,000,000 in the open market could be offered at a significantly lower price through the BMR program.
Who Qualifies?
Eligibility is based on household income and size.
Currentlly, for homes offered at 100% Area Median Income (AMI), current limits are approximately:
Household Size | Maximum Income
1 person | $109,100
2 people | $124,700
3 people |$140,250
4 people | $155,850
5 people | $168,300
Buyers must also:
• Be first-time homebuyers
• Complete a homebuyer education course
• Obtain loan pre-approval from an approved lender
How the Process Works
Unlike traditional home purchases, BMR homes follow a structured process:
The home is listed on the city’s housing portal
Buyers submit an application before the deadline
Qualified applicants are entered into a lottery
Selected applicants move forward with the purchase
This process is designed to ensure fairness and access.
What Makes BMR Homes Different
BMR homes are resold at a price set by the city to remain affordable for the next qualified buyer.
That means the resale price isn’t based on the open market — it’s determined by a formula tied to income levels at the time of sale.
While this limits price appreciation compared to market-rate homes, it also creates a more accessible path into homeownership in San Francisco.
That’s an important tradeoff — but for many buyers, the ability to enter the market at a lower price point outweighs that limitation.
A Current Example
A recent example is a 1-bedroom residence at The Austin Nob Hill
It’s a modern building, walkable to Polk Street, and right in the middle of the city — the kind of location many buyers assume is out of reach.
Is a BMR Home Right for You?
BMR homes aren’t for everyone.
There are income limits, application requirements, and a structured process to follow.
But for buyers who qualify, it can be a meaningful opportunity — and one that many people simply aren’t aware of.
If you’ve written off buying in San Francisco, this is worth a closer look.
How to Get Started
Applications for BMR homes are submitted through the city’s housing portal: