How much does the average home cost in the Bay Area?
About a million dollars
How much do you need to get a million dollar loan?
For a $1 million home, a 20% down payment would be $200,000.
How many hours is it legal to work per year in the bay area?
35 hours/week * 52 weeks/year = 1,820 hours/year
What should be the minimum wage then?
$200,000 / 1,820 hours = approximately $109.89 per hour
Can you explain the flaws in my reasoning?
Since you cannot live with nothing, it will take you more than one year to save those 200,000, and don't forget that for many years later you will have to pay the mortgage on the "other" 800,000 dollars.