In San Francisco, minimum wage is $14 an hour and this summer it will bump up to $15 — and if you own a house in the city, you're making a lot more than that each working hour on its appreciation alone.

Home values in S.F. are appreciating at a rate of $60.13 for every working-hour, according to a new report from real estate site Zillow. The study looked at how much homeowners are making for every hour spent in the office relative to minimum wage in 50 U.S. cities.

In other words, homeowners are "making" four times minimum wage during each hour spent at a 40-hour-a-week job, which Zillow estimates is about 2,087 hours a year. (They're making even more if they're spending their free time increasing the value of their house by painting walls, refinishing floors and navigating the city's permitting process to remodel and build additions).

Of course, you have to sell your house to secure the money you earn from your property's appreciation, but this report is mostly a number-crunching exercise meant to capture the city's insane real estate market that climbs amid low inventory and high demand.

"It is not money that accumulates directly into a checking account or that can be spent on daily needs. Equity is only available once a homeowner chooses to sell a home, and even then is often subject to various taxes and other expenses," Zillow senior economist Aaron Terrazas wrote in the report.

Zillow analyzed the numbers for nearby San Jose and found that a homebuyer there is "making" even more an hour, at $99.81 for every working hour. In this Silicon Valley hub, minimum wage is $13.50 an hour, so homeowners are earning seven times that.

While San Jose ranked first and San Francisco second in how much homeowners are making relative to minimum wage, Seattle came in third.

In the Northwest city that also has a thriving tech community, home values are appreciating in Seattle at a rate of $54.24 per working hour.

Meanwhile the typical U.S. homeowner is gaining $7.09 of equity in their home every hour they're at the office, while the federal minimum wage is $7.25.