Housing affordability is a growing crisis for urban areas with constrained housing markets. In this paper, I examine the effects of income inequality and other demographic characteristics on housing prices in San Francisco. I find that income is not a determinant of housing prices, but that other housing and demographic characteristics do impact housing prices. That these findings differ from the existing literature is likely due to limitations of my study, but the implications of my study are nonetheless useful in the context of housing supply and pricing. As income inequality in San Francisco continues to grow, its impact on rising housing prices is relevant for policymakers seeking to address the city’s housing affordability crisis.