How Expensive Is It to Live in San Francisco? Households Earning Over $110,000 Annually Now Qualify for Low Income Housing
Just how expensive is it to live in San Francisco nowadays? The answer to that may be gleaned from a recent report by the Department of Housing and Urban Development that now considers a household annual income of $117,400 as low-income housing eligible.
A four-person household in San Francisco County can make more than $100,000 a year, and according to the Department of Housing, that would just mean that they can afford low-income housing in the area, as well as the neighboring San Mateo and Marin counties.
That's not even in the bracket of affordable housing, and that threshold has soared by more than ten percent from last year already, according to the East Bay Times.
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With the median family income for those areas at around $118,400, this new classification now covers more San Francisco residents than ever. Meanwhile, four-member households that bring in as much as $73,300 per year are now considered "very low income."
For those bringing in $44,000 and under, they are now considered "extremely low."
Compared to New York City, where households taking in more than $83,450 cannot apply for low-income housing, this figure becomes even more staggering — much more when compared to Baltimore at $71,900 and Phoenix at just $55,300, according to the Business Insider.
More families having access to affordable housing helps, but it's barely enough to keep up with the price of housing in some areas in the Bay Area. Just this May, the median price for a single-family home in the area has skyrocketed to a whopping $935,000, according to real estate data from Core Logic.
"It just demonstrates how broken and unsustainable our housing market is," Amie Fishman, executive director of the Housing Association of Northern California, said about the worrying situation.
"More and more people are unable to afford housing," the head of the non-profit pointed out.
