The cheapest house in this city still costs 10 times the average American salary

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San Fran's High-End Housing Outlook

Many first time homebuyers crave simplicity--a bedroom or two, a backyard, good neighborhood and affordable pricing. 122 Montana Street offers all of that, except one thing: It's priced at nearly $500K.

Located in San Francisco, notoriously the most thriving housing market in the country right now, this cottage-style home is a mere 800 square feet.

A look at some of the real estate market trends in San Francisco:

Two bedrooms and one bathroom are accompanied by a hardwood floor living area and a quaint kitchen with wood finishes on the countertops and an intricately tiled floor that leads the eye to the backyard.

The property itself is 3,125 square feet and offers an expansive backyard area ideal for entertainment or simply breathing space in a city that can be so congested.

The home is extremely energy efficient and runs on solar panels, something uncommon in homes of its size.

What you're really paying for, however, is location and potential. Not only is there plenty of room to expand the size of the house itself, but investing now in a market that's appreciating as quickly as it is can pay off big time in the future.

Listed at $499K, the house is currently the cheapest non-occupied single-family home on the market in all of San Francisco.

Click through below to see this charming California property:

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The cheapest house in this city still costs 10 times the average American salary
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