A six-figure income might seem impressive in some parts of the country, but in the San Francisco Bay Area it’s practically pocket change, according to a new federal report.
An annual report by the U.S. Department of Housing and Urban Development classifies a family of four living in San Francisco, San Mateo or Marin counties that earns less than $117,400 annually as “low income.”
Low-income families are eligible for federal housing assistance. The report adds that families of four earning less than $73,300 a year in those counties are classed as “very low income.”
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The figures — the highest in the United States — saw a 10 percent jump from the 2017 report, according to The San Francisco Chronicle.
Jesus Galindo, an elementary school teacher in Richmond, California, who earns around $60,000 a year — considered low income for Contra Costa County by the report — told The Mercury News that his parents can no longer afford to live in the Bay Area.
“For someone who loves the Bay Area, and loves Richmond, that breaks my heart,” Galindo told the publication. He said high housing costs are only part of the equation in considering whether to raise a family there.
“Even though I own my home, babysitting is expensive, the cost of food is expensive,” Galindo told The Mercury News.
An April report by 24/7 Wall Street pegged the median price for a home in San Francisco at $1,087,599, the highest in California.
The Bay Area also has seen a spate of headline-grabbing sale prices, including a Silicon Valley property with a burned-out house that sold for $900,000 in less than a week, and a condemned home in Fremont that sold for $1.23 million.