Highest median price market in the country. CPLs are higher but commission-per-close justifies premium spend. Below: modeled 2026 cost-per-lead estimates, three illustrative ad examples written for this market, what the platform costs, and how co-marketing billing is separated.
Quick answer
Modeled estimate: mortgage Facebook ads in San Francisco, CA average $19.75 per lead in 2026, with buyer leads near $17.30 and seller leads near $22.41. Campaigns run in Meta's Housing Special Ad Category, so targeting uses a 15-mile minimum radius and first-party Custom Audiences instead of age, ZIP or Lookalike targeting. Walled Garden plans start at $97 per month with a 10-day free trial; each campaign carries a fee of $14 flat + 15% of ad spend per campaign, and media spend is paid to Meta directly.
Modeled estimates, not measured campaign results. Show the math: the California benchmark of $18.40 per lead × a 1.22 San Francisco cost factor × a 0.88 mortgage adjustment = $19.75. Full formula, all 30 metros and the open dataset are in the Metro Cost Per Lead Report.
Modeled estimate
Cheapest modeled month: Aug · Most expensive: Mar · State-level dataset behind the model: 3,942 campaigns, 236,520 leads
Illustrative examples
The copy below is written for the Bay Area market. The creative shown ran in other markets and is included as a format reference — every example here is an illustrative example, not a reported campaign result.
Low down payment program
Programs change constantly. See which low and no-down-payment options are available to buyers in Bay Area right now.
Illustrative example
First-time buyer
Before you tour anything, find out the monthly payment you would actually be working with in San Francisco.
Illustrative example
Builder buydown
Several Bay Area builders are paying toward the rate on completed inventory. Here is how the payment math changes.
Illustrative example
Modeled estimate
| Monthly media spend | Modeled leads | Modeled appointments | Modeled closings |
|---|---|---|---|
| $500 | 25 | 5 | 0.5 |
| $1,000 | 51 | 11 | 1.0 |
| $1,500 | 76 | 16 | 1.5 |
| $2,500 | 127 | 27 | 2.5 |
| $5,000 | 253 | 54 | 4.9 |
Modeled estimates only. Assumes a 2.18% landing-page conversion rate and common lead-to-appointment and appointment-to-close rates. Media spend above is paid to Meta and excludes the Walled Garden subscription and the $14 flat + 15% of ad spend per campaign.
Pricing
Solo
$97/mo
Full power for one operator running ads for themselves.
Advanced
$297/mo
Everything in Solo plus team collaboration and advanced lead routing.
Branded
$497/mo
A branded, multi-account platform with Agency Mode for organizations running ads on behalf of others.
RESPA-conscious co-marketing
Walled Garden separates billing per user, so a loan officer or title rep never pays for, pools, or reimburses an agent's ad spend — a structural control that supports RESPA-conscious co-marketing. Whether a specific arrangement complies with RESPA depends on the services exchanged and their value; this is general information, not legal advice.
Targeting
Lookalike Audiences are not available for U.S. housing campaigns, and Special Ad Audiences were discontinued in 2022.
The Housing Special Ad Category enforces a 15-mile minimum radius, so these areas belong in the copy and the offer rather than in the audience filters.
Every mortgage ad reaching San Francisco buyers, sellers or borrowers runs in Meta's Housing Special Ad Category. Walled Garden applies the Housing Special Ad Category to every real estate campaign launched through the platform, so the targeting restrictions are set before the campaign goes out. Meta still reviews every ad; this is general information, not legal advice.
Walled Garden gives loan officers and mortgage teams the ad infrastructure, the creative templates and per-user billing. 10-day free trial, no credit card required. No contracts, cancel anytime.
FAQ
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